Canadians won’t get relief from inflation yet, food prices likely to rise by 7 per cent next year
Ottawa: Due to the rise in food prices, Canadians will have to bear the brunt of inflation next year as well. Food prices are expected to rise by 7 per cent in 2023.
The four-member family’s total annual expenditure on rations could be $16,288, an increase of $1,065 from this year. This has been revealed in the food items report.
According to an official report, next year in Canada, a 40-year-old woman will have to spend $ 3,740 for kitchen rations and a man will have to spend $ 4,168. The report was released by Sylvain Charlebois, professor of food distribution and policy at Dalhousie University.
He said the prices of food items are likely to go up in the first half of next year.
Climate change, geopolitical conflicts, costlier energy and the effects of COVID-19 can have an impact on food inflation, he said. Food prices will also be impacted by currency fluctuations and weakening of the Canadian dollar.
Most of the produce in Canada comes from the US, which is facing very difficult conditions. According to Canada’s Statistics Department, food prices were rising 11 percent in October compared to the previous year.
