TORONTO — As overall inflation slows, the cost of food continues to climb for Canadians — but experts say there should be some relief by the end of the year.
The federal agency said the price of meat, which saw a 7.3 per cent bump, drove much of the uptick. Meanwhile, the cost of bakery products was up 15.5 per cent, dairy products 12.4 per cent and fresh vegetables 14.7 per cent.
But with supply chain disruptions subsiding, Royal Bank of Canada economist Nathan Janzen said food inflation should start to slow. He said the bank’s latest forecast shows it dipping below three per cent by the end of 2023. Fraser Johnson, a professor of operations management at Ivey Business School, said supply chains “are starting to normalize” after two years of disruptions.
Johnson, the director of the Ivey Purchasing Managers Index, an economic index which measures the month-to-month variation in economic activity as indicated by a panel of purchasing managers from across Canada, noted there has been a “steady decline” in price increases since the peak of March 2022. He predicted the next eight to 10 months will bring “a gradual easing” of costs to consumers, including for groceries.
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