Grocery Prices Outpace Inflation for 56th Consecutive Month, Intensifying Pressure on Food Banks
The price of groceries in Canada continues to climb faster than overall inflation, deepening financial strains for millions of Canadians. Statistics Canada reported October inflation at 2 per cent, but food purchased from stores rose by 2.7 per cent. This marks the 56th consecutive month where food costs have outpaced inflation.
Beef prices and fresh vegetables were major drivers in the rising cost of food. Beef prices grew by 7.3 per cent since this time last year, while vegetables climbed by 7.6 per cent. Although food inflation has eased since peaking at 10.4 percent in January 2023, it remains a significant burden for Canadians. Recent data from Office of the Superintendent of Bankruptcy shows half of Canadians are now living paycheck to paycheck, with bankruptcies up nearly 14 per cent.
The rising cost of food has pushed food bank usage to historic highs. Visits to food banks have grown by over 90 percent since 2020, reaching 2 million visits per month beginning early last spring. In response, Food Banks Canada has launched a petition urging the federal government to address food insecurity and ensure Canadians can afford basic necessities.
The ongoing disparity between inflation and grocery prices highlights the continued financial challenges faced by Canadians, despite broader inflation appearing to ease.