Why food prices will continue to rise in Manitoba next year: report
CTV
Food prices in Canada will continue to rise in the new year, according to a new study.
Food prices in Canada will continue to rise in the new year, according to a new study.
The 13th edition of Canada’s Food Price Report – released Monday – said that overall, food prices will increase by five to seven per cent next year.
"In 2023, it is expected that Canadians will continue to feel the effects of high food inflation, and food insecurity/affordability will also be a big issue with rising food prices," said the report.
Canada's Food Price Report is compiled every year, a collaboration between Dalhousie University, the University of Guelph, the University of Saskatchewan, and the University of British Columbia. The study uses predictive analytics models applying machine learning to support the analytical process of determining the future of food prices.
The report also gives an overview of how food prices fared this year, "2022 presented a host of contributing factors that drive food inflation including continued labour shortages, high oil and gas prices, adverse climate events, and geopolitical conflicts," it states.
Food prices rose more than 10 per cent in Canada over the past 12 months, a trend the report attributes to several factors, including supply chain issues and "greedflation."
Food waste also continues to be a problem, "In 2022, 63 per cent of Canadians noted that they had to throw away food prematurely at least once in the six months preceding the survey," said the report.
