According to the Canada’s Food Price Report, Food Inflation (yes, that is an actual thing) is estimated to be between 1 – 3%. (full report here)
That means on average, households containing a family of four will spend $348 to a heft bump of $11,948 annually. But what if you’re not a family, your single or just live alone or with a partner?
Well this is where it kind of hits you harder, especially if you enjoy take out or prepared meals. 59% of the rise in food price, or $208, comes from that exact place; eating out or having pre made meals delivered to your door.
CBC’s The National said that Restaurants were expected to hike their prices by 6% in 2018.
“But if you are cooking and you rely mainly on grocery stores to get your food, you should be in good shape for 2018.” (Link to original article on CTV News)
However, if you live in Alberta or Ontario; there will be lower than average price hikes due to the increase in competition. Atlantic Canada will see their prices rise above average, after enjoying lower food prices during 2017.
Either way, as food now becomes more tech; various food manufacturers are capitalizing. Food companies are going to take advantage of how “busy/lazy” people are, their business model is going to look vastly different than it did 5 years ago.
On a more positive note, The Christmas Diner Index fell for the first time in three years (they have an index for everything, trust me; I know). Wait, this only really helps out my American friends. Also, it’s for a very “caucasian” style of family dinner, in this article I see nothing about Popeye’s or KFC. (“Christmas Dinner Index” Falls For …. [Financial Times])
Buy some butter, just in case America.