2024 Food Price Report: Key Findings

The report projects that the cost of groceries will increase between 2.5% and 4.5% in 2024 to $16,297.20 for a family of two parents and two children.

The report projects that bakery, meat and vegetables could rise by up to 7%.

Even the higher end of the price-hike projection for 2024 – 4.5% – is lower than the actual increase of 5.9% in 2023.

<p>Interest rates, energy costs, climate change, heightened transportation expenses, and geopolitical risks such as the wars in Ukraine and the Middle East are cited as factors contributing to higher food prices in 2024.</p> Signup and view all the answers

<p>The report states that falling prices of commodities, including wheat, corn and soybeans, could lead to a small drop in the price of some staples.</p> Signup and view all the answers

<p>The annual report was published by Dalhousie University, the University of British Columbia, the University of Guelph, and the University of Saskatchewan.</p> Signup and view all the answers

<p>A more consistent supply of products through the supply chain.</p> Signup and view all the answers

<p>It will be &quot;a much more manageable year&quot; compared to the last two years.</p> Signup and view all the answers

<p>Dried pasta, sauces, and canned goods.</p> Signup and view all the answers

<p>18.5 percent as of October.</p> Signup and view all the answers

<p>Around 3.5 percent until the middle of next year, returning to its 2-percent target in 2025.</p> Signup and view all the answers

<p>They spent less ($15,600) than the estimated $16,300 from the previous year's report.</p> Signup and view all the answers