Canada will know a lot more about the future of food costs with the release of Canada's Food Price Report 2024 on December 5.
The annual study, now in its 14th year, provides detailed predictions about food price trends and their impact on Canadian households.
The report, a collaboration between Dalhousie University, the University of Guelph, the University of Saskatchewan, and the University of British Columbia, uses cutting-edge data analysis to forecast changes in grocery costs. This year’s edition is expected to focus on inflation, affordability, and the ongoing financial challenges many Canadians face.
While the full details will be unveiled on December 5, early indications suggest that food price increases in 2024 will be slower than in recent years. Researchers predict an overall rise of 2.5 per cent to 4.5 per cent, significantly lower than the sharp hikes seen in 2023. Categories like bakery, meat, and vegetables are anticipated to experience the highest increases, ranging from 5 per cent to 7 per cent.
For the average Canadian family of four, annual food costs are projected to reach $16,297.20, an increase of up to $701.79 compared to last year. The report in 2023 highlighted growing distrust in food corporations, record food bank usage, and reduced consumer spending on groceries despite inflation.