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More grocery price hikes expected for 2024

By Tara Clow Dec 7, 2023 | 12:51 PM

Grocery prices will continue to rise in 2024, but the sticker shock isn’t expected to be as bad as in the current year.

The 14th edition of Canada’s Food Price report is a collaboration between research partners at Dalhousie University, the University of Guelph, the University of Saskatchewan, and the University of British Columbia.

A research team puts the report together annually using historical data sources, machine learning algorithms, and predictive analytics tools to make predictions about Canadian food prices.

The report for 2024 has found overall food prices will rise by 2.5 to 4.5 per cent next year. That’s down from increases of 5 to 7 per cent forecast a year ago.

The average family of four is expected to spend $16,297.20 on food in 2024, an increase of up to $701.79 from last year.

The most significant hikes will come from a combination of bakery, meat and vegetables.

You can find the full report HERE