Canadian food prices to climb up to 7% in 2023 – Report
Food inflation isn’t going away anytime soon. The latest edition of Canada’s Food Price Report predicts food prices will continue to rise in the new year, with expectations that it could be by as much as 7%.
For the average family of four, that means groceries will cost nearly $16,300, almost $1,100 more than last year.
A new report published by top Canadian universities has confirmed fears about already-high food prices soaring further in 2023.
Last year, Canada’s Food Price Report predicted an overall food price increase of 5% to 7%, but as of September, this rate stood at a shocking 10.3%.
As we ring in 2023, the average family of four should prepare for their grocery bill to go up by a whopping $1,065.