The report predicts a 2.5 to 4.5 percent increase in food prices for the year 2024. According to experts, all sectors of the food industry were affected by inflation in 2023, but it is expected to decrease in the new year.

The price of food in Canada for 2024 is projected as follows: bread and pastries will see a 5 to 7 percent increase, dairy products 1 to 3 percent, fruits 1 to 3 percent, meat 5 to 7 percent, other items 2 to 4 percent, restaurants 3 to 5 percent, seafood 3 to 5 percent, and vegetables 5 to 7 percent.

The increase in prices can be attributed to various factors, including weather events such as wildfires and floods that had adverse effects on crop yields.

In the meat sector, the price of beef is increasing due to droughts in the United States and Canada. Poultry prices are rising due to avian flu, but pork will be cheaper this year.

Experts believe that Canadians will continue to experience pressure from food inflation in 2024, coupled with increases in housing, electricity, water, and other expenses.

Furthermore, the report indicates that the new year may see a downward trend in inflation, leading to a reduction in the prices of many essential food items.

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