Food prices in Canada will continue to escalate in the new year, with grocery costs forecast to rise up to seven per cent in 2023.
Food prices in Canada will continue to escalate in the new year, with grocery costs forecast to rise up to seven per cent in 2023, new research predicts.Start planning for your weekend with expert recommendations from our team of writers on what to cook, where to dine, and the perfect wine pairing delivered straight to your inbox on Thursday at noon.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Multiple factors could influence food prices next year, including climate change, geopolitical conflicts, rising energy costs and the lingering effects of COVID-19, the report said. In addition to currency risks, much of the produce sold in Canada comes from the United States, which has been struggling with extremely dry conditions.
The Canadian Dairy Commission has approved a farm gate milk price increase of about 2.2 per cent, or just under two cents per litre, for Feb. 1, 2023. The increasing reliance on food banks is expected to continue, with 20 per cent of Canadians reporting they will likely turn to community organizations in 2023 for help feeding their families, a survey included in the report found.
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