Food inflation is coming in 2018 and will acount for a 1-3% hike in your family’s grocery bill says a new report.
What that represents for an average family of four is an increase of $348 for a total of $11,948 for the entire year.
The good news is the report cites about 59 per cent of the expected hike — $208 — will come from consumers eating out and opting for prepared food. If you are eating at home with store bought groceries however, you should be in “good shape.”
Statistics show that Canadians now spend about 30 per cent of their food budget on eating out and consuming prepared meals so the increase in food bills could potentially go up unless families opt to change their eating habits.
How Will Grocery Prices be Affected?
The report suggests different parts of the country will feel different impacts at the grocery store in 2018. Atlantic Canada is expected to see above average increasesas is British Columbia. But increased competition in Alberta and Ontario means consumers will see below average price hikes, while Quebec, Manitoba and Saskatchewan are expected to remain steady.
Dairy, baked goods, meats and seafood are expected to rise by up to two per cent, while fruits and nuts are forecast to rise by one to three per cent.
Vegetables are expected to rise quite a bit– as much as four to six per cent extra because of climate issues like the La Nina weather phenomenon, bringing drought conditions to the United States.
It’s interesting to note that Health Canada expects to unveil a new Canada Food Guide in 2018, which the department hopes will change the way people eat over the longer term as a shift toward plant-based diets continues.
Bottom Line : Prices will increase but the consumer still has an impact on their overall cost depending on their food choices.
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