Monday, July 22, 2024

Sticker shock: Vancouver Islanders should brace for a spike in grocery costs in 2023

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You’ve likely passed through the aisles of your local grocery store and thought to yourself, wow, why are these prices so high? 

Well, you’re not wrong and the cost of putting food on your table is about to get even more expensive in 2023, according to a recent report. 

According to findings from Canada’s Food Price Report, in 2022, annual food costs for a family of four reached $15,222.80. 

In 2023, the report is predicting that the same family of four will pay up to $16,288.41, marking an increase of up to $1,065.60.

The research included a man (age 31–50), a woman (age 31– 50), a boy (age 14–18), and a girl (age 9–13). 

A variety of factors including the COVID-19 pandemic, supply chain disruptions, high oil prices, and a falling Canadian dollar, are causing food prices to rise right now.

According to the 2022 HungerCount published by Food Banks Canada, the use of food banks has increased in Canada by 15%.

With food banks throughout many Canadian provinces including British Columbia now struggling to keep up with the demand of customers, the report has found 23 % of Canadians are now eating less than they normally would.

These figures come after Victoria was ranked the third most expensive city in Canada based on the cost of living.

Related: Cost of living for a single person in Victoria is now $3,494/month

With the average cost of food rising nearly 7% in 2023 and rent continuing to increase well over $3,000, it is no secret being able to live comfortably is getting harder. 

How will this impact your lifestyle going into the new year? Let us know in the comments.

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