Hold onto your wallets, folks. Canada’s Food Price Report has been released for 2022 and it might inspire you to swipe a flyer or two the next time you’re at the grocery store.
The food price forecast, released by Dalhousie Faculty of Management every year, predicts that food prices will rise by 5% to 7% overall, the highest increase in the report’s 12-year history.
If you love to treat yourself to restaurant meals and keep your fridge stocked with fresh veggies, you’ll really be feeling the pinch.
The report says that costs will increase the most in the dairy and restaurant categories at 6% to 8%. Bakery items and vegetables will also soar in price by 5% to 7%.
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Some provinces will be hit harder than others, namely Ontario, British Columbia, Alberta, Saskatchewan, and Newfoundland and Labrador. Residents of these provinces will be paying more for food than the national average.
When it comes to the dollars and cents, the average Canadian family of four will pay nearly $1,000 more for food next year than in 2021. The report estimates the yearly total to be $14,767.36, which is an increase of $966.08.
That’s for a family consisting of one man between the ages of 31 and 50, a woman aged 31 to 50, a boy aged 14 to 18, and a girl aged 9 to 13.
There are a number of factors that are contributing to Canada’s rising cost of food, and one expert at Dalhouse says “there’s no turning back.”
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According to the report, these factors include “COVID-19-related disruptions to the food supply chain, climate change and adverse weather effects, labour force challenges, high inflation, and food transportation challenges.”
Thankfully, there are plenty of creative ways you can save money on food without resorting to instant noodles. This Vancouver-based app gives discounts on restaurant meals that would be thrown away and there are so many restaurants around Toronto where you can earn rewards while you eat.
