Inflation is impacting food prices and the cost of living in Canada and it is making groceries more expensive already for families.
There are many in BC and around Canada who spend more than 30%, well over that, on their housing alone. With food prices rising it doesn’t leave much room. And the changes at the grocery store are already being noticed, it’s hard to ignore.
We are seeing historic inflation around Canada and Canadians have been told that they can expect to see food continue rising in cost around the country into next year. The cost of living and food prices are a big concern with many Canadians today.
In the recent election, the cost of living and affordability was one of the biggest issues for Canadians. There are many Canadians who struggle these days with food insecurity and with the cost of living increasing as far as food that is going to make things worse for those who are already on tight budgets and who struggle with food insecurity in Canada.
Recently, Canada’s inflation rate jumped to a new 18 year high of 4.7% and the cost of food is rising around the country. Surveys show that Canadians are already recognizing the shrinkflation which means that they are getting less of a product but they are paying the same amount for it.
What is shrinkflation?
Food manufacturers are said to employ shrinkflation tactics so as not to alarm consumers, they still get the same product they want but they are getting a little less of it because of those higher prices.
Over the next several months Canadians can expect to see inflated food prices at the local grocery store. For some they are already trying to make changes to save money where they can on food costs. This might mean looking for deals, looking for cheaper brands, or cutting back on whatever food items they can.
How Canadians Are Looking to Save Money on Food
Loblaw is already seeing more customers in Canada reportedly turning to discount brands to try and save. They are expecting that even more Canadians will look to save on food and find ways to cut back on costs and that might mean looking to discount brands with popular chains around Canada.
Inflation in Canada Rises at Fastest Pace Since 2003
Inflation in Canada has worried many Canadians and others around the world are also asking about and worried about the prospect of inflation and what that might mean for the cost of living.
Vancouver and other parts of Canada are already some of the most expensive places to live in the world, this means many in those regions were already strapped with a high cost of living before this historic inflation in Canada hit.
Consumers have signaled that they will be open to discount brands, using coupons when possible, and finding any way to get creative and save on food in Canada if they can. The changes in the food market in Canada due to inflation have already changed how some Canadians go grocery shopping.
Finding discounts on Food in Canada
According to one previous poll it is estimated that some 40% of Canadians are looking for discounted food items.
Some new markets have sprung up in recent years to help, like the pay what you can afford model for a market in Vancouver for food. With this food solution the operation is there to give communities a solution for those who are facing food insecurity.
With those models you can come in and pay what you can and it gives those with limited budgets a chance for access to quality food items. More establishments like that are needed around the country so that communities have more solutions to food insecurity.
We have already seen interest for these sorts of projects grow over the last several years with a variety of community fridges and community food programs springing up in Canada and elsewhere.