Canada’s Food Price Report 2023 was released on Monday.
According to the report food prices are predicted to increase five to seven per cent.
The most substantial increases are expected to occur in vegetables, dairy, and meat.
Stats show that Canadians haven’t seen food prices increase this high in over 40 years.
The report forecasts that an average family of four, including a man (age 31-50), woman (age 31-50), boy (age 14-18), and girl (age 9-13) will spend up to $16,288.41 per year on food, an increase of up to $1,065.60 from what was observed in 2022.
A number of factors are influencing the price increases from climate change to supply change disruptions, carbon taxes, geopolitical climates, and rising transportation costs.
Dr. Stuart Smyth with the University of Saskatchewan worked on the report and notes that international events continue to affect food prices at home.
Click here to see more...