Canadians won’t escape food inflation any time soon.
Food prices in Canada will continue to escalate in the new year, with grocery costs forecast to rise up to seven per cent in 2023, new research predicts.We deliver the local news you need in these turbulent times on weekdays at 3 p.m.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
Multiple factors could influence food prices next year, including climate change, geopolitical conflicts, rising energy costs and the lingering effects of COVID-19, the report said. Vegetables could see the biggest price spikes, with estimates pegging cost increases will rise as high as eight per cent, the report said.
Prices in other key food categories like meat, dairy and bakery are predicted to soar up to seven per cent, the researchers found. Restaurant costs are expected to increase four to six per cent, less than supermarket prices, the report said.
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