Food prices continue to climb even as inflation eases

Food prices grew by 10.4 per cent year-over-year in January, according to data released Tuesday by Statistics Canada. That compares with an overall annual inflation rate of 5.9 per cent for the month

TORONTO — As overall inflation slows, the cost of food continues to climb for Canadians — but experts say there should be some relief by the end of the year.Grocery costs saw an 11.4 per cent jump from the same time last year, up slightly from December's 11 per cent rise, while food purchased from restaurants rose 8.2 per cent — up half a percentage point from the month prior driven by higher demand for takeout and fast food.

But with supply chain disruptions subsiding, Royal Bank of Canada economist Nathan Janzen said food inflation should start to slow. He said the bank's latest forecast shows it dipping below three per cent by the end of 2023. Fraser Johnson, a professor of operations management at Ivey Business School, said supply chains "are starting to normalize" after two years of disruptions.

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