Airdronians may see a surge in grocery prices next year

In 2024, a family of four will spend $701.79 more compared to 2023 on groceries, totalling $16,297.20 for the year.

"The 2024 report forecasts that overall food prices will increase by 2.5 per cent to 4.5 per cent," Canada’s Food Price Report for 2024 stated. 

In the next year, a family of four will spend $701.79 compared to 2023 on groceries, totalling $16,297.20 for the year. (Graphic Credit to Canada Food Price Report; 14th edition)

There was also a marked increase in food bank use in 2023.

"Food Bank Canada's 2023 Hunger Count revealed there were nearly 2 million visits to foodbank in Canada, a 32 per cent increase compared to March 2022 and a very significant 78.5 per cent increase over March 2019. This is the highest level of food bank use in Canada on record."

The high demand for food banks has also been felt locally, with the Airdrie Food Bank stating numerous times that they have seen unprecedented demand for their services in Airdrie.

Data from the 2024 Canada Food Price Report estimates that meat, baked goods, and vegetables will see the highest increase in prices in 2024. (Graphic Credit to Canada Food Price Report; 14th edition)

However, the report indicates that Alberta will be one of the provinces with the lowest food inflation, along with Ontario, while Saskatchewan will see the least. Quebec is set to see the highest food inflation.

Albertans may see the least food inflation in 2024, while Quebec will see some of the highest increases in food prices. (Graphic Credit to Canada Food Price Report; 14th edition)

The report also touched on Canadians' attitude towards major grocery chains engaging in 'greedflation', citing that 30. 3 per cent of Canadians believed that price gouging was a primary factor in the increasing food prices.

"Price gouging remained a concern through 2023, but Bank of Canada data indicated that while firms’ measured markups did grow after COVID-19, the markup was inflationary. Most of these markups occurred during 2020, and in 2022 were nearly zero or in fact negative."

While the report underlined the carbon policies have been the subject of rigorous debate and many studies and how they may impact food prices, it added that, 'these studies have faced notable challenges in this regard.'

"A more comprehensive examination of retail prices highlights the intricacies involved in establishing coefficients with a high degree of certainty. It would be misleading to assert that carbon pricing has a direct impact on retail food prices, and it would be equally misleading to claim otherwise. Multiple factors come into play, including consumer behaviour and supply chain dynamics."

The report concluded that Canadians across the country will continue to see food inflation straining their household budgets.

"It can also be expected that Canadians will see low economic growth based on Bank of Canada assessments of interest rates," the report stated.

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. 

Send your news tips, story ideas, pictures, and videos to news@discoverairdrie.com. You can also message and follow us on Twitter: @AIR1061FM

In response to Canada's Online News Act and Meta (Facebook and Instagram) removing access to local news from their platforms, DiscoverAirdrie encourages you to get your news directly from your trusted source by bookmarking this page and downloading the DiscoverAirdrie app. You can scan the QR code to download it.