TORONTO — As overall inflation slows, the cost of food continues to climb for Canadians — but experts say there should be some relief by the end of the year.
Food prices grew by 10.4 per cent year-over-year in January, according to data released Tuesday by Statistics Canada. That compares with an overall annual inflation rate of 5.9 per cent for the month.We deliver the local news you need in these turbulent times on weekdays at 3 p.m.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter.
But with supply chain disruptions subsiding, Royal Bank of Canada economist Nathan Janzen said food inflation should start to slow. He said the bank’s latest forecast shows it dipping below three per cent by the end of 2023. Fraser Johnson, a professor of operations management at Ivey Business School, said supply chains “are starting to normalize” after two years of disruptions.
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