HALIFAX – Canadians won’t escape food inflation any time soon.
Food prices in Canada will continue to escalate in the new year, with grocery costs forecast to rise up to seven per cent in 2023, new research predicts.
For a family of four, the total annual grocery bill is expected to be $16,288 — $1,065 more than it was this year, the 13th edition of Canada’s Food Price Report released Monday said.
Forecasters split on how high Bank of Canada will push next rate hike
The Bank of Canada is expected to cap its tumultuous year with another interest-rate increase this week, although private-sector forecasters are split on how big the bank will go as it appears to be approaching a turning point for monetary policy.
Central bank Governor Tiff Macklem has been clear over the past month that he’s not done raising borrowing costs for Canadians. But he has started arguing that the bank needs to balance the risk of doing too little to fight inflation against the risk of doing too much and crashing the economy.
