Food prices expected to keep rising in 2024

grocery store

Food prices will keep rising in 2024, though at a slower pace, according to the latest Food Price Report from four Canadian universities.
    
The 14th annual report by Dalhousie University, the University of British Columbia, the University of Guelph and the University of Saskatchewan predicts food prices will rise between 2.5 per cent and 4.5 per cent next year as inflation continues to moderate.
    
However, director of the Agri-Food Analytics Lab at Dalhousie University and project lead Sylvain Charlebois says grocers will be in fierce competition next year to try and win back loyalty, as customers have been shopping around more to try and save money.
    
He says this competition could lead to mild deflation on the prices of some essential food items.
    
Charlebois says in 2023, customers actually spent less in dollar amounts than last year's report predicted, as they cut back on spending at restaurants and at grocery stores.
    
The report predicts that an average family of four will spend around $700 more on food next year than they did this year.