Food prices have risen at a higher rate than consumer inflation since late 2021, according to a recent report by Statistics Canada, the national census agency. The 11.4 percent yearly price increase recorded in September food costs represents the fastest growth Canada has seen since 1981, and that increase held into November.
In Europe, the price of food climbed to 13.6 percent over the year through November in 19 countries that use the euro as their currency, outpacing CanadaтАЩs increases.
[Read: Bread Prices Skyrocket as Inflation Grips Europe]
Researchers at four Canadian universities predict that food prices here will rise in 2023 by 5 to 7 percent overall, with more notable price increases among vegetables, dairy products and meat products.
These forecasts, published in CanadaтАЩs annual Food Price Report, translate to a predicted yearly food bill of more than 16,000 Canadian dollars, an increase of $1,065 in grocery expenses for an average family of four, compared with 2022. Last year, actual food inflation was higher than the reportтАЩs predictions.
тАЬWeтАЩre experiencing what, for us, are really high food prices and that creates a lot of difficulty, but weтАЩre spending a lower percentage of take-home income on food than many other jurisdictions,тАЭ said Stuart Smyth, an associate professor in the department of agricultural and resource economics at the University of Saskatchewan and a co-author of the report.
Professor Smyth doesnтАЩt expect prices to ease for at least the first half of this year, particularly with the slated increase in the federal carbon tax in April, which is likely to raise the cost of running farm equipment and transporting food.
тАЬIf thereтАЩs a silver lining at all, in any of the discussions and conversations about the increase in food prices, itтАЩs that there are worse places to be,тАЭ he said.
