Grocery prices set to rise further as B.C. foodbanks work to meet record-breaking demand
CTV
Grocery prices in B.C. and beyond will likely rise further in the coming year, according to a new report.
Grocery prices in B.C. and beyond will likely rise further in the coming year, according to a new report.
According to Agri-Food Analytics Lab at Dalhousie University research, food prices nationwide could see a five to seven per cent spike in 2023.
"We're not expecting to see food prices drop anytime soon," said Sylvain Charlebois, director of the Agri-Food Analytics Lab at Dalhousie University.
The study was conducted with researchers from several Canadian universities, including The University of british Columbia. They found this year, an average family of four will spend up to $16,288.41 per year on food, an increase of up to $1,065.60 from the previous year.
Charlebois says the lack of competition in Canada could be one of the issues driving the spike in prices.
"If you compare profit margins of grocers in Canada versus the United States, our grocer's margins are double," said Charlebois. "Which means the landscape in Canada is much less competitive."
He points the finger at large grocers dominating the market.
