The Food prices in Canada are going up — again. Canada’s Food Price Report 2023 forecasts an overall food price increase of 5% to 7% for the coming year, the highest predicted increase in food prices since the inception of the report twelve years ago. The most significant increases are predicted for dairy and restaurants at 6% to 8%, and bakery and vegetables at 5% to 7%.
Canada’s Food Price Report is an annual cross-country collaboration led by Dr. Sylvain Charlebois from Dalhousie University, and jointly released by Dalhousie University, University of Guelph, University of Saskatchewan, and The University of British Columbia. The university research team uses historical data, economic forecasting models, machine learning algorithms, and predictive analytics tools developed over many years to make predictions about food prices in Canada. The UBC Team consists of the Food and Resource Economics faculty members, Dr. Kelleen Wiseman, Dr. Richard Barichello, Dr. Matias Margulis and Master of Food and Resource Economics (MFRE) Alumni, Isabelle Lavoie.
Read the full Canada’s Food Price Report 2023 here [PDF]