Food prices projected to rise in 2024, but less than previous years

Overall food prices will increase between 2.5 to 4.5 per cent in 2024, according to the 14 edition of Canada's Food Price Report released today. This is compared to an average of 5.9 per cent in 2023 and 10.3 per cent in 2022. The report, which examines the impact of food inflation on Canadians and possible reasons for food price inflation trends, is an annual collaboration between researchers at the University of British Columbia, Dalhousie University, the University of Guelph and the University of Saskatchewan. Key findings: The report projects that the average Canadian family of four will spend $16,297.20 on food in 2024, an increase of $701.79 from last year. The most significant increases range from five to seven per cent for bakery items, meat and vegetables. 2024 may see a mild deflationary period, resulting in lower prices for some essential food items. Climate change, energy costs and inflation will be key drivers of increased food prices in 2024.