Grocery inflation will fall below two per cent by the spring and stay roughly between one and two per cent for the rest of 2024, predicts a new report on the food and beverage industry.
Farm Credit Canada, an agricultural lending firm, said it expects food price increases beyond 2024 to stabilize around pre-pandemic levels as the pressures driving prices higher are easing.
The organization’s annual food and beverage report offers up forecasts for consumer spending, as well as specific food items such as sugar and flour. As they grapple with higher prices, not just on food but on shelter and other daily costs, Canadians have been trying to cut back their spending on food and beverages, FCC said. They have been buying more items on sale, gravitating toward less expensive brands, buying more canned and frozen foods, shopping more at discount retailers and simply buying less food.
Canadians have also been cutting back on alcohol, the report said. It forecasts a decline in alcohol sales and manufacturing volumes this year. Manufacturers in that sector will face pressure on their margins, said FCC, as companies will have to absorb some of these price increases because of tighter consumer budgets.
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