CIBC predicted food inflation will start falling in the second half of 2023, bringing relief from decade\u002Dhigh grocery prices. Read on.
The Canadian dollar is currently trading at $1.37, or 72 cents U.S. CIBC forecasts the loonie will end 2023 at $1.33.
Grocery bills should also fall because global food prices are “softening,” the economists said, adding they expect consumers to benefit at the grocery store because the inflation rate on imported food has “decreased quite sharply.” Imported food inflation was 7.5 per cent in December 2022. In June 2022, when the CPI hit that scary high, imported foods prices surged 15.3 per cent year over year, according to data from CIBC.Canada’s grocery store market — dominated by five major companies, Loblaw Cos. Ltd., Empire Co. Ltd., Metro Inc., Costco Wholesale Corp. and Walmart Inc. thatThis advertisement has not loaded yet, but your article continues below.
including transportation,” Grantham and Charbonneau said, noting that prices for diesel — the fuel transport trucks use — have come down significantly after rising 74.4 per cent year over year in June 2022 and “It also appears that Canadians have come off of their post-pandemic need to spend after months of lockdown, more “good news” for food inflation, the economists said.
Typically, when consumers paid more on essential items such as groceries and gas, they tended to spend less in non-essential areas like restaurants and travel. That expectation got turned on its head during COVID. In the aftermath of the lockdowns, Canadians went on a spending spree, buying food at grocery stores and hitting restaurants, even though prices were high.
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