A new national report forecasts more increases in food prices in 2023, leading to Canadian families paying an extra $1,000 or more on feeding themselves.
Headwinds of inflation are still blowing hard in the faces of Canadians, this time striking at a basic necessity of life: food.
For a family of six, “we are estimating the cost for groceries next year to be a little over $21,000,” said Stuart Smyth, an University of Saskatchewan associate professor and one of the report’s authors. The report notes that its previous edition also predicted food inflation of five to seven per cent in 2022, but the final annual number came in at 10.3 per cent. The authors cite “unforeseen factors including Russia’s invasion of Ukraine, higher interest rates, and escalating energy costs.”
Earlier this year the loonie was worth more than 80 cents U.S., but it then dropped to a low of 72.17 cents in October amid a strengthening U.S. dollar. It has hovered near the 74-cent mark in recent weeks, ending Friday at 74.25 cent. The surge in prices is changing grocery shopping habits: The report finds that many Canadians looked for saving money by using coupons, reading weekly flyers, seizing on discounts and using food-rescue apps, which offer staples nearing their best-before date.
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