Food prices to rise slightly in new year: Economists
Canadians can expect to get a bit of a break when they go grocery shopping in the new year.
Food prices will still go up, but only slightly, University of Guelph economists Sylvain Charlebois and Francis Tapon said in a forecast released Monday.
Food prices will increase, on average, about 2% in 2012, they said.
In 2011, dairy and egg prices went up 11%, while fresh vegetables rose 10%, baked goods jumped 7%, fresh fruit climbed 6% and meat increased 5%.
The two men predicted an overall increase of 5-7% in 2011.
"The last few years have been challenging for Canadians with less means," Charlebois said. "Expected food price relief may come as good news for these families in 2012."
Competition in food retailing — including the addition of Target stores in Canada — will help keep food prices down, they said.
As well, consumers will be more picky about where they shop and continue to look for the best price.
Charlebois and Tapon based their predictions on factors including climate, economic risks, energy costs, currencies and trade, and Canada's food distribution and retail landscape. They also considered domestic fundamentals such as consumer debt and inflation.
Food prices will still go up, but only slightly, University of Guelph economists Sylvain Charlebois and Francis Tapon said in a forecast released Monday.
Food prices will increase, on average, about 2% in 2012, they said.
In 2011, dairy and egg prices went up 11%, while fresh vegetables rose 10%, baked goods jumped 7%, fresh fruit climbed 6% and meat increased 5%.
The two men predicted an overall increase of 5-7% in 2011.
"The last few years have been challenging for Canadians with less means," Charlebois said. "Expected food price relief may come as good news for these families in 2012."
Competition in food retailing — including the addition of Target stores in Canada — will help keep food prices down, they said.
As well, consumers will be more picky about where they shop and continue to look for the best price.
Charlebois and Tapon based their predictions on factors including climate, economic risks, energy costs, currencies and trade, and Canada's food distribution and retail landscape. They also considered domestic fundamentals such as consumer debt and inflation.
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