Food affordability remains a top concern for Canadians, according to Canada’s Food Price Report 2024 which forecasts overall food prices will increase by 2.5 per cent to 4.5 per cent.
The average family of four is expected to spend $16,297.20 on food in 2024, an increase of up to $701.79 from last year. The most significant increases range from five per cent to seven per cent in the categories of bakery, meat, and vegetables, said the 14th edition of the report, an annual collaboration between research partners Dalhousie University, the University of Guelph, the University of Saskatchewan, and the University of British Columbia.
The report said 2023 was a tumultuous year politically, environmentally, and economically. There were unprecedented wildfires and flooding across Canada. The conflict in Europe and unrest in the Middle East continue to affect energy costs and commodity prices. Canadians face many financial pressures, such as higher rental rates and utilities, and rising personal debt, it said.
“The year 2023 posed significant financial challenges for Canadian families, one of the toughest in recent memory,” said Dr. Sylvain Charlebois, project lead, professor, and Senior Director of the Agri-Food Analytics Lab at Dalhousie University.
The full report can be found here.
In this video interview, Charlebois discusses what categories of food rose the most in 2023, why they did and what we can expect in 2024.
The Video Interview Series by Retail Insider is available on YouTube.
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