The average household will likely spend $345 more for the same exact food next year according to University of Guelph researchers. Overall, the researchers expect price increases averaging two to four per cent, above the general rate of inflation.
The 2016 Food Price Report cites the value of the Canadian dollar as perhaps the biggest factor. For every cent the dollar drops, foods that are imported likely increase one per cent or more. In 2015, the sudden drop in the value of the loonie led to fruits, vegetables and nuts increasing in price by nine to 10 per cent. The researchers anticipate those prices could go up next year by up to 4.5 per cent.
Meat prices, which rose five per cent in 2015, could rise by 4.5 per cent in 2016. Food Institute researchers expect only minimal price increases for seafood.