Canada’s Food Price Report 2023 was released on Monday.
According to the report food prices are predicted to increase five to seven per cent.
The most substantial increases are expected to occur in vegetables, dairy, and meat.
Stats show that Canadians haven’t seen food prices increase this high in over 40 years.
The report forecasts that an average family of four, including a man (age 31-50), woman (age 31-50), boy (age 14-18), and girl (age 9-13) will spend up to $16,288.41 per year on food, an increase of up to $1,065.60 from what was observed in 2022.
A number of factors are influencing the price increases from climate change to supply change disruptions, carbon taxes, geopolitical climates, and rising transportation costs.
Dr. Stuart Smyth with the University of Saskatchewan worked on the report and notes that international events continue to affect food prices at home.
"The uncertainty from the ongoing Ukraine war shows no signs of ceasing and the Canadian dollar compared to the US dollar has recently ranged five to seven cents lower and this has driven up the cost of all imported American products. Labour shortages in key sectors, such as crop harvesting, food processing, and transportation lower supply and drive-up prices."
Dr. Simon Somogyi, University of Guelph campus lead says food prices are already high, but if inflation can come down, it’s possible that we could see price increases for 2023 at or below 5%.
Canada’s Food Price Report 2023 is available here.
Canada’s Food Price Report is an annual collaboration between research partners Dalhousie University, the University of Guelph, the University of Saskatchewan, and the University of British Columbia.