Canada’s annual inflation rate was 2.8 per cent in February, and grocery prices were one of the main factors pushing it lower
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.
“However, population growth and stabilizing – in some cases, falling – input costs are providing optimism for margin improvement for 2024.” However, slowing inflation doesn’t mean prices overall are dropping. Statistics Canada noted in its latest release that between February 2021 and February 2024, grocery prices rose 21.6 per cent.
As shoppers have become more price sensitive, FCC said processors have been responding by modifying package sizing and substituting less expensive inputs. Not so for sugar and cocoa. The sugar and confectionary manufacturing sector faces “significant headwinds,” said FCC, due to problems with global production. Cocoa prices hit a high in 2023 not seen in 46 years and continue to accelerate.
Cent Fcc Report Sugar Price Inflation Outlook Statistics Canada FCC Canada
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