Industry Snapshot: Grocery Prices increased almost 10 percent in 2022
Toronto – January 17, 2023 – New numbers released by the federal government show that in 2022 grocery prices rose at the fastest pace since 1981 (source: Statscan)
Prices for food purchased from stores rose 9.8% in 2022, the fastest pace since 1981, after increasing 2.2% in 2021. Food inflation increased in every food category (except for canned salmon).
The supply of food was impacted by multiple factors, including extreme weather, higher input costs and supply chain disruptions. Russia's invasion of Ukraine created supply uncertainty in the global wheat market, putting upward pressure on prices for bakery products.
Looking forward into 2023, Canada’s Food Price report predicts that food prices will continue to rise, with a predicted 5% to 8% increase in 2023. Read the full report here.