With food prices rising to ridiculously unaffordable levels, Canadian families might end up spending a lot more money on groceries next year.
A new report published by top Canadian universities has confirmed fears about already-high food prices soaring further in 2023.
Last year, Canada’s Food Price Report predicted an overall food price increase of 5% to 7%, but as of September, this rate stood at a shocking 10.3%.
As we ring in 2023, the average family of four should prepare for their grocery bill to go up by a whopping $1,065.
Canada’s Food Price Report 2023
The report notes that in 2022, Canada’s food choices were motivated by the ability to save money.
Of all food categories studied, vegetables will see the biggest price spike at 6% to 8%, with fruit prices going up by 3% to 5% — the lowest in all the categories. Maybe it’s time to get a veggie garden set up on your balcony or yard.
The standard family of four for this study includes a man (age 31–50), a woman (age 31–50), a boy (age 14–18), and a girl (age 9–13). This kind of household will see an annual food expenditure of up to $16,288.41, but there are also forecasts for other family structures below:
Canada’s Food Price Report
Though all of Canada will see an increase in food prices, the increases might vary provincially.
Most provinces will see prices spike beyond the 2023 forecast, with Quebec and Newfoundland and Labrador expecting lower price increases.
In 2022, Quebec had the highest change in food prices with an 11% increase.
Canada’s Food Price Report
Food security is set to become an even bigger concern for Canadians next year.
In 2022, the use of food banks rose to never-before-seen heights in the country. Visits to food banks went up by a startling 35% compared to pre-pandemic food bank visits in 2019.
The Canada Food Price Report also notes that 20% of Canadians reported their household would be “likely or very likely” to get food or meals from community organizations including food banks, community centres, or other access points over the next six months.
Nearly half of Canadians (47%) said they’ve started buying cheaper alternatives of items they used to purchase.
Will the doubled GST credit and $500 rental top-up from the federal government be enough for Canadian families to stay afloat and have food on their tables? Let us know what you think.