Canada: Food prices set to rise another 5-7% in 2023 after record inflation year

After a year that saw food prices climb by numbers not seen in decades due to record inflation, the cost of groceries in Canada is expected to continue rising in 2023, a new report suggests.

The latest Canada Food Price Report released Monday estimates food prices will increase by another five to seven per cent on average next year, adding hundreds of dollars to the average family’s annual expenses.

The report predicts price hikes will be seen across all food groups, but expects vegetables to see the biggest cost increase of six to eight per cent. Fruit prices are expected to see the smallest bump of up to five per cent, while every other category will go up between five and seven per cent.

Source: Q107


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