According to a new analysis by Statistics Canada, the national census organization, food costs have been rising faster than consumer inflation since late 2021. The fastest growth Canada has had since 1981 may be found in the 11.4 percent annual price increase for food expenses that was recorded in September. This increase extended into November.
19 nations in Europe that use the euro as their currency saw food prices rise by 13.6 percent over the duration of the year through November, exceeding Canada’s rises.
(Read: Bread Prices Skyrocket as Inflation Grips Europe)
Researchers from four Canadian institutions estimate a 5–7% increase in overall food prices in this country in 2023, with rises in prices of vegetables, dairy goods, and meat items being the most noticeable.
According to these projections, which were included in Canada’s annual Food Price Report, an average family of four would have to pay more than 16,000 Canadian $ year for food, an increase of $1,065 from 2022. Actual food inflation in 2017 exceeded the report’s forecasts.
The report’s co-author and associate professor Stuart Smyth of the University of Saskatchewan stated, “We’re experiencing what, for us, are pretty high food prices and that generates a lot of trouble, but we’re expending a low percentage of take-home income on food than many other jurisdictions.
For at least the first half of this year, according to Professor Smyth, prices are unlikely to decrease. This is especially true given that the federal carbon tax is set to increase in April, which will likely increase the cost of operating agricultural machinery and delivering food.
There are worse places to be, he remarked, if there is any silver lining in any of the discussion and dialogues about the rise in food prices.