Maple News reports that Canadian residents and newcomers should prepare for higher grocery bills in 2024, though the increase won’t be as steep as it was in 2023. According to the newly published Canada Food Price Report 2024, average food expenses for a family of four are projected to rise to $16,297.20, marking an annual increase of up to $701.79.
Produced by researchers from Dalhousie University, the University of Guelph, the University of Saskatchewan, and the University of British Columbia, the report forecasts notable price hikes of 5% to 7% in categories such as baked goods, meat, and vegetables. These essential food groups remain most affected by global and domestic disruptions, including climate events, economic volatility, and persisting supply chain challenges.
Despite the upward trend, the report offers a somewhat optimistic outlook compared to last year. While 2023 saw price increases in the range of 5% to 7%, 2024 is expected to see more moderate increases between 2.5% and 4.5%. This slight reduction in inflation suggests a stabilizing food market, though affordability remains a concern.
Interestingly, the report notes that average food expenditures are expected to decrease in provinces including Quebec, Prince Edward Island, and Newfoundland and Labrador. The reasons behind these regional variations were not detailed, though they may be influenced by local policies, production patterns, or demographic shifts.
However, researchers are raising alarms that many Canadians appear to be spending less on groceries, despite rising costs. This trend could indicate that households are either cutting back on food consumption or choosing lower-quality food products—raising long-term concerns over food security and public health.
In response to the affordability crisis, the federal government has introduced the Affordable Housing and Groceries Act to help ease financial pressures on consumers. One of the key initiatives under this legislation involves reforming Canada’s Competition Act. It aims to increase scrutiny of pricing practices among major grocery retailers by granting more authority to the Competition Bureau to investigate and act on price-fixing or anti-competitive behavior.
As Canada moves into 2024, the cost of living—especially food affordability—remains a central issue for both citizens and new immigrants building their lives in the country. Policies targeting fair competition and consumer protection may help manage the burden, but experts say continued monitoring and support will be essential.
Maple News will continue to track developments related to food affordability and economic support policies across all Canadian provinces.