Food prices will continue to rise in 2024, but at a slower pace than this year according to the latest report on food prices prepared by researchers at four Canadian universities.
The 14th annual report from Dalhousie University, the University of British Columbia, the University of Guelph and the University of Saskatchewan predicts food prices will increase between 2.5% and 4 .5% next year as inflation continues to moderate.
However, Professor Sylvain Charlebois, director of Dalhousie University’s Agri-Food Analytics Lab and leader of the project, says grocers will face stiff competition next year to try to regain loyalty as customers shop more to try to save money.
According to him, this competition could lead to a slight deflation in the prices of certain essential food products.
Professor Charlebois says that in 2023, customers spent less dollars than last year’s report predicted because they cut back on spending at restaurants and grocery stores.
The most recent report predicts that the average family of four will spend about $700 more on food next year than this year.
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