Food prices have been experiencing significant inflation for several years. CFA says it is important to provide further context about Food Freedom Day because the average disposable income of Canadians is not representative of the experiences of all Canadians or how rising food prices impact Canadians. He said that.
To this end, CFA continued its analysis of Food Freedom Day, which looks at the impact of food prices on Canadian households based on household income level and shows the percentage of disposable income spent on food last year.
There is a significant difference in the amount of money households in the lowest and highest income quintiles spend on food and beverages throughout the year.
In addition to this, prices rose as spending on food and non-alcoholic beverages increased from 23.1 per cent in 2022 to 28 per cent in 2023, while the share of disposable income expenditure fell from 5.2 per cent in 2022. has a disproportionate impact on the bottom quintile. From 2022 he will be 5% in 2023.
CFA President Keith Currie says Canadians will see steadily rising food prices on grocery store shelves through 2023, but farmers will receive the price consumers pay for their food. He said that retail price increases do not typically reflect the amount paid at the farm gate. .
He said farmers have seen significant increases in production costs over the past few years, with many of their biggest expenses, such as fertilizer and diesel, increasing by nearly 100 per cent over this period.
“As food prices continue to rise, we know that many Canadians are struggling with food security and affordability. While Canada is a world leader in providing access to affordable food, there are wide disparities in the impact among Canadians at different income levels, with the lowest facing the greatest increases in food costs. “It's expensive,” Curry said.
A recent report from the Saskatchewan Agricultural Producers Association says inflation would reach 2 per cent in 2022 if the only factor driving up bread prices was higher costs associated with wheat. However, his observed inflation rate in 2022 was actually quite high at 18%.
“Food inflation is a complex problem, and research shows it is about more than just fluctuations in commodity prices. We are working with industry and governments to reverse this worrying trend. “We are working on various initiatives to understand and combat food inflation,” he said.
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alice.mcfarlane@pattisonmedia.com
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