It’s going to cost you even more for food in 2025.
According to the latest Canada Food Price report, the cost will rise between 3 and 5 per cent next year.
The average Canadian family of four will spend $800 more, for a total of $16,833 for the year.
The price for meat and vegetables is expected to increase the most, with meat prices going up by 4 to 6 per cent and the cost of vegetables climbing by 5 per cent.
A few weeks ago, Food Banks Canada reported over 2 million visits to food banks in March 2024. That’s up 90 per cent from 2019.
According to Statistics Canada, almost 23 per cent of Canadian households experienced food insecurities in 2023.
The highest rates were found in Nova Scotia followed by Prince Edward Island.
The Canada Food Price states there are numerous factors for the increases including climate change, geopolitical conflicts, input and energy costs, inflation, currencies and the trade environment, food and retail distribution, food processing, policies and regulations, consumer awareness and trends, and consumer debt and disposable income.
Unpredictable weather events are also a contributing factor, because they are challenging for food producers. They impact the volume of food produced and increase the occurrence of crop disease. High temperatures, floods, and drought in West Africa and Brazil affected the price of cocoa and orange juice this year, and Western Canada wildfires blocked rail lines. “Some impacts of adverse weather are starting to be reflected in food prices, such as more expensive meat, due to lengthy droughts in Canada’s beef-producing regions,” says Dr. Stuart Smyth, Campus Lead, University of Saskatchewan. “This has resulted in fewer cattle presently producing meat.”
This is the 15th edition of Canada’s Food Price Report (CFPR), an annual publication produced collaboratively by Dalhousie University, the University of Guelph, the University of British Columbia, and the University of Saskatchewan.
Comments