Monthly grocery bill for a typical Canadian family in 2022
Food prices in Canadian stores have increased compared to 2021. What to expect in 2023?
To analyze price levels and predict prices for the next year, Canadian researchers analyze shipments, their costs, and average food prices. According to their research, in 2022, the average family of 4 will spend $15,222 CAD a year on food. That's 10% or $966 CAD more than in 2021.
Sylvain Charlebois, a professor of food distribution and policy who led the research team, said, "At the end of 2021, we predicted a price increase of 7%. Many people disagreed with us and called our forecasts alarmist. As a result, we are seeing an increase of 10%."
Despite the slowdown in inflation, food in stores is getting more expensive. In 2023, the rise will continue. Researchers state that:
- Dairy, meat and bakery products will become more expensive;
- The prices of fruits and vegetables may increase by 5% and 8% respectively.
So it is estimated that the average family's grocery bill in 2023 will be $16,288 CAD per year. That means food will cost $1,065 CAD more than in 2022. This is the amount for a family of 2 adults and 2 teenage children.
The increase in the cost of meat and dairy products in 2022 comes after record hikes in grain and livestock feed prices, which once cost $300 CAD per ton, now sell for $525 CAD. Inflation, rising U.S. interest rates, and the global crisis have not gone unnoticed in the Canadian economy either.
A drop in prices and a return to previous rates are not expected yet, but stabilization is predicted in the second half of the year. The cost of gasoline has decreased, which means that supplies will come out cheaper.
But some Canadians are quite optimistic. They understand that this is not the first or last inflation. People just have to be ready for hard times, buy on sale, revise their daily bills, and cut back on frills and convenience foods.
