June 20th, 2024

Food prices continue to climb despite overall inflation easing

By The Canadian Press on February 21, 2023.

Produce vegetables are displayed for sale at a grocery store in Aylmer, Que., on Thursday, May 26, 2022. Food costs continue to outpace overall inflation, but experts predict grocery prices to begin stabilizing this year as supply chains return to pre-pandemic levels. THE CANADIAN PRESS/Sean Kilpatrick

TORONTO – The cost of food continues to climb despite overall inflation easing, but experts predict grocery prices will begin to stabilize this year as supply chains return to pre-pandemic levels.

The latest inflation data from Statistics Canada shows food prices grew by 10.4 per cent year-over-year in January.

That includes an 11.4 per cent jump in grocery costs from the same time last year.

The federal agency says the price of meat is driving much of the uptick.

With production disruptions easing, economists expect food price growth to slow by the end of 2023.

Nathan Janzen, an economist with the Royal Bank of Canada, says the latest forecast shows food inflation dipping below three per cent later this year.

This report by The Canadian Press was first published Feb. 21, 2023.

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