Food prices have risen at a rate higher than consumer inflation since late 2021, according to a recent report. report by Statistics Canada, the national census agency. The 11.4% annual price increase recorded in September represents the fastest increase Canada has seen since 1981, and that increase was maintained through November.
In EuropeFood prices rose 13.6% in the year to November in the 19 countries that use the euro as their currency, outstripping Canada’s gain.
[Read: Bread Prices Skyrocket as Inflation Grips Europe]
Researchers at four Canadian universities predict that food prices here will increase by 5 to 7 percent by 2023, with more noticeable price increases in vegetables, dairy and produce. meat.
These projections, published in Canada’s annual food price reporttranslates into an annual food bill that is projected to be more than C$16,000, a $1,065 increase in food costs for the average family of four, compared with 2022. Last year, real food inflation was high. than predicted by the report.
“For us, we’re going through what’s really high food prices and that’s causing a lot of hardship, but we’re spending a percentage of our income,” said Stuart Smyth, an associate. Take-home imports for food are lower than in many other jurisdictions.” Professor in the department of agricultural and resource economics at the University of Saskatchewan and co-author of the report.
Professor Smyth doesn’t expect prices to drop at least in the first half of this year, especially with a federal carbon tax hike slated for April, which is likely to drive up farm equipment operating costs. and food transportation.
“If there’s one lucky thing, in any discussion and dialogue about raising food prices, it’s that there are worse places,” he said.
