Canadians will be paying more for food in 2018.
That’s according to the latest copy of Canada’s Food Price Report.
Food costs are expected to reach $11,948 for a family of four in 2018, an increase of $348.
As noted by Canadian Grocer, “Vegetables and food purchased at restaurants will see the highest increases, at between 4% and 6%, while fruit prices are predicted to increase between 1% and 3%, and meat, seafood and dairy are expected to rise 0 to 2%.”
Food prices are expected to rise in all provinces, except for Alberta and Ontario, reportedly due to a “highly competitive market.”
However, Albertans are facing an escalating carbon tax, which will add to the cost of products throughout the economy – including food.
The food price report points out that major grocers have been keeping food prices low artificially because of heavy discounting. Canadian Grocer notes that “the authors believe such practices cannot continue indefinitely.”
Additionally, “It says meals in the traditional sense are “slowly disappearing,” with convenience increasingly trumping price as a key consideration for consumers. The report says Americans achieved a 50-50 balance between spending at restaurants and retail in 2016, with Canada poised to reach that benchmark by 2035.”
Higher food prices are just another difficulty facing Canadian consumers, amid record household debt and an economy widely expected to slow in 2018.