Canada’s Food Price Report predicts up to seven per cent price increase in 2023
by CM staff
Canadians will continue to feel the effects of high food inflation and insecurity.
HALIFAX — Canada’s Food Price Report 2023 predicts a five per cent to seven per cent food price increase in 2023, with the most substantial increases in vegetables, dairy, and meat.
Canada’s Food Price Report is an annual collaboration between research partners Dalhousie University, the University of Guelph, the University of Saskatchewan, and the University of British Columbia.
This cross-country research team uses historical data sources, machine learning algorithms, and predictive analytics tools developed over many years to make predictions about Canadian food prices. A new forecasting model was used for the 2023 report.
The report forecasts that an average family of four, including a man (age 31-50), woman (age 31-50), boy (age 14-18), and girl (age 9-13) will spend up to $16,288.41 per year on food, an increase of up to $1,065.60 from what was observed in 2022.
“The uncertainty from the ongoing Ukraine war shows no signs of ceasing and the Canadian dollar compared to the US dollar has recently ranged five to seven cents lower and this has driven up the cost of all imported American products,” said Dr. Stuart Smyth, University of Saskatchewan campus lead. “Labour shortages in key sectors, such as crop harvesting, food processing, and transportation lower supply and drive-up prices.”