The annual food expenditure for a family of four is expected to rise by $348 to a total of $11,948 in 2018, according to a new report. But, the biggest wallop to the wallet will come from restaurants.
Canada’s Food Price Report, which forecasts food prices for the upcoming year and analyzes trends in Canada’s food industries has concluded that Canadian families will be spending more money eating in restaurants this year with the average home expected to spend almost 30% of its food budget in food service, the highest level in history.
Examining Food Price Changes Overall
The foods that are going up the most in price according to the report are greens. The price of vegetables is expected to rise by 4-6% say researchers because of unaccommodating climate conditions. Also, La Niña, a reoccurring weather phenomenon that affects global climate patterns, will likely result in below average precipitation in farming-intensive regions of the southern United States. Fruit prices are expected to increase by 1-3%.
Other Expected Price Increases
Restaurants 4% – 6%
Dairy 0% – 2%
Fruits 1% – 3%
Bakery 0% – 2%
Meats 0% – 2%
Vegetables 4% – 6%
Seafood 0% – 2%
Food 1% – 3%
Other Food Trends Expected in Canada
Some other interesting takeaways as we spotlight Canadian food trends is that the Canadian Food Guide is expected to be changing . Researchers say a new version will be published and it will be a departure from previous versions, encouraging a plant-based diet and avoidance of processed foods.
The Canadian food industry is also going through a structural change, causing a major shift in the market and effecting prices and consumer behaviour. For example, the retail market is not what it used to be. Take recent purchase of Whole Foods by Amazon, which is having a significant impact on the Canadian food retail sector, or , major food retailers such as Loblaw, Sobeys and Metro that are now changing their business models, particularly in how they sell to consumers, including online offerings. These things all can have an impact on the prices we pay for food in the future.
About Canada’s Food Price Report 2018
The report is built on the expertise of authors from five different Dalhousie University faculties — Management, Computer Science, Health, Science and Agriculture. This year, they partnered with researchers from the University of Guelph.
FOR THE COMPLETE REPORT VISIT THE WEBSITE HERE.
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