'Degree of stability' coming to food prices in new year, report predicts
Most significant increases likely to come in bakery goods, meat, vegetables, Canada’s Food Price Report 2024 says
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Canada’s Food Price Report 2024 predicts that Canadians will finally get relief from “sticker shock” next year with food price increases lower than in previous years.
The report, an annual collaboration between Dalhousie University, the University of Guelph, the University of Saskatchewan and the University of British Columbia, said overall food prices will increase by 2.5% to 4.5%.
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It also said the average family of four is expected to spend $16,297.20 on food in 2024, an increase of $701.79 compared to last year.
The most significant increases range from 5% to 7% in the categories of bakery goods, meat and vegetables.
“The estimated increase of 2.5-4.5% for 2024 provides customers with much-needed relief from the higher increases observed in previous years,” Dr. Stuart Smyth, chair of the Agri-Food Innovation and Sustainability Enhancement at the University of Saskatchewan, said in a statement.
“They should expect to see a degree of stability return to food prices. I am optimistic that the phrase ‘sticker-shock’ will become less commonly used throughout grocery stores in 2024.”
Food Bank Canada’s 2023 Hunger Count revealed there were nearly two million food bank visits in Canada in 2023, which is the highest level on record and a 78.5% increase since March 2019.
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“The year 2023 posed significant financial challenges for Canadian families, one of the toughest in recent memory,” Dr. Sylvain Charlebois, a professor, project lead and director of the Agri-Food Analytics Lab at Dalhousie University, said in a statement.
The report showed food retail sales data indicates a decline in monthly spending per capita between August 2022 and August 2023 (from $261.24 to $252.89).
Estimated annual spending for a family of four in the past year was $693 lower than originally projected.
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