Which foods will cost more in 2016?

Bad news for those who eat food: prices will continue to climb in 2016.

This year’s Food Price Report from the University of Guelph’s Food Institute predicts an overall jump in cost between two and four per cent over the next 12 months.

See Full Article

Although the grocery store will get more expensive, before eating the cost of food inflation, check out these tips on how to still shop healthy as food prices climb. For example, substituting expensive nuts with cheaper seeds will provide a similar crunchy flavour for a fraction of the cost.

Consider searching for alternatives for some of the foods set to jump most dramatically in cost:

Food Chart 1

Meat, fruit and nuts top this year’s list, followed closely by vegetables. Compare this to last year when vegetables increased in price by more than 10 per cent:

Food Chart 2

The food institute had originally forecast a 0.3 to 2.4 per cent overall price increase for 2015. This range was modified to 0.7 to 3.0 per cent in February amid plummeting oil prices and a slumping Canadian dollar. After the revision, vegetables, fruits and nuts were expected to cost more than originally anticipated.

Even after the adjustment, each of these categories ended up rising significantly more than expected. Overall, food in December cost an average of 4.1 per cent more than it did in January of last year.

This pace of inflation for food is above Canada’s overall inflation, and has been since about 2009, according to the consumer price index.

Food Chart 3

The index – which tracks inflation by comparing the current cost of goods to past prices, using 100 as a baseline number for 2002 costs – shows food prices rising at roughly the same pace as all items up until mid-2008. Since then, food seems to have steadily increased at a faster rate than other goods in Canada.

The Food Institute also surveyed 504 Canadians about our changing habits in terms of beef consumption:

Food Chart 4



Advertisements

Latest Economic News

  • Celgene Corp. to pay $280M to settle cancer drug fraud suit

    Economic CTV News
    LOS ANGELES -- Celgene Corp. has agreed to pay $280 million to settle a whistleblower lawsuit alleging the pharmaceutical company committed fraud promoting a drug with a notorious history that was re-purposed to treat leprosy and another therapy for unapproved cancer treatments, federal prosecutors announced Tuesday. Source
  • Trump weighs replacing Fed Chair Yellen with ex-Goldman exec

    Economic CTV News
    WASHINGTON -- U.S. President Donald Trump said Tuesday that he's considering either re-nominating Janet Yellen for a second term as Fed chair or replacing her with someone else, possibly Gary Cohn, who leads his National Economic Council. Source
  • Home Capital repays $2B line of credit from Warren Buffett's Berkshire Hathaway

    Economic CBC News
    Home Capital Group, the Toronto-based alternative mortgage lender that was on the verge of collapse earlier this year, says it has repaid a $2-billion line of credit from Berkshire Hathaway. The company was given the financial lifeline last month by Berkshire Hathaway, which is headed by Warren Buffett, as it was trying to regain investor confidence following a run on deposits from customers. Source
  • CN Rail beats profit forecasts on higher revenuess

    Economic CBC News
    Canadian National Railway beat analyst expectations as its profits grew 20 per cent to $1.03 billion in the second quarter on record quarterly revenues. The Montreal-based railway earned $1.36 per diluted share, up from $1.10 a year earlier when it posted $858 million in net income. Source
  • CN Rail beats forecasts with $1B profit in Q2

    Economic CTV News
    MONTREAL -- Canadian National Railway beat analyst expectations as its profits grew 20 per cent to $1.03 billion in the second quarter on higher revenues. The Montreal-based railway (TSX:CNR) earned $1.36 per diluted share, up from $1.10 a year earlier when it posted $858 million in net income. Source
  • NAFTA talks set for clash over where private, personal data is stored

    Economic CBC News
    One of the American targets in the upcoming renegotiation of the North American Free Trade Agreement appears on a collision course with privacy laws in British Columbia and Nova Scotia. In negotiating objectives published last week, the Office of the United States Trade Representative said it wanted to "establish rules to ensure that NAFTA countries do not impose measures that restrict cross-border data flows and do not require the use of installation of local computing facilities. Source
  • Spending from Trump, Trudeau on infrastructure could drive up costs: documents

    Economic CTV News
    OTTAWA -- The Trump administration's fledgling promise to spend US$1 trillion on repairing American roads and bridges may have some unintended ripple effects in Canada. Newly released documents show that top civil servants in Ottawa worried earlier this year that Donald Trump's ambitious infrastructure program that he talked about on the campaign trail could end up driving up the construction costs in Canada. Source
  • U.S. senate committee pressures Trump administration on quotas in softwood deal

    Economic CTV News
    MONTREAL - The United States Senate finance committee has increased pressure on the Trump administration to include quotas in a softwood lumber agreement with Canada. Seven Democratic and Republican senators expressed their demands in a letter sent this week to U.S. Source
  • A timeline of B.C.'s cancelled Pacific NorthWest LNG project

    Economic CTV News
    VANCOUVER -- Here is a look at how the Pacific NorthWest LNG project evolved over the last several years before the announcement of its demise Tuesday: Feb. 19, 2013: Pacific NorthWest LNG submits its project description to the Canadian Environmental Assessment Agency. Source
  • Canadian airlines aiming to become biofuel superpower, reduce carbon footprint

    Economic CTV News
    MONTREAL -- The country's top airlines say resource-rich Canada has the potential to become a biofuel superpower by transforming forest residue and agricultural crops into energy that can help the industry reduce greenhouse gas emissions. Source