Families could pay up to $420 more for food in 2017, report finds

Families could pay up to $420 more for food in 2017, report finds
6
Dec

Food prices are expected to rise above the inflation rate in 2017 – forecasted to rise between 3% and 5% (vs 1%-2% which is an acceptable inflation rate). For the average Canadian family, food expenses in 2017 could increase by as much as $420.

This is expected to have an impact on low income Canadians, and on food banks and how they support their communities.

  • Compared to high and middle-income households, families assisted by food banks spend a larger proportion of their income on the basics – food, shelter, gas, energy – leaving fewer discretionary funds in the case of emergencies/unexpected expenses. In short, people living on low incomes will be disproportionately affected by changes in the price of food.
  •  As food costs increase, we continue to be concerned about the impact this will have on donations to food banks from Canadian food manufacturers and grocery retailers as well as the level of donations from households.
  • As families are impacted by rising costs, household expenditure for other activities, especially discretionary spending such as charitable giving, could be reduced.

For the full report click on this link: http://www.cbc.ca/news/business/food-prices-to-jump-in-2017-1.3882538 

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