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“Food is the basic necessity of life.
In fact, it is the most important of all the essential requirements for human survival!”
However, the rising food inflation in Canada has made it difficult for the residents to make ends meet.
Moreover, surveys revealed that people opt to search for cheaper alternatives to their favorite food items due to rising goods prices.
And things will only become more challenging if you have a family to feed on but don’t have multiple income streams to ease the burden.
Don’t worry! We Are Here To Help!
So, let’s dig in to find ways how you can manage high food prices in Canada.
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Food costs have jumped nearly three times as quickly as salaries, causing Canadians to spend an increasing portion of their income on food.
According to the Canada Food Prices Report 2022, grocery prices increased substantially compared to last year:
Covid-19, weather change, climate fluctuations, labor force, and overall world inflation have played a critical role in these high food prices in Canada.
According to a recent survey, the cost of food in Canada has reached an all-time high of 8.8%. And in the next months, this number is anticipated to rise much more!
Here's a comparison chart for Canadian food inflation:
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Canada is the world's second-largest country by area, but it only has a 37 million population.
However, despite the relatively controlled numbers, it is not an inexpensive country to live in.
In fact, the essential food group like protein (chicken, meat, beef) has seen the highest spike in the prices.
According to research by CTV news, Canadians have changed their buying patterns due to increased food prices.
It's awful that something so basic as food can be so costly.
Inflation impacted the food prices even in 2021, but as we explained earlier, the grocery bills will increase more in 2022.
Let’s discuss the reasons for the food price increase in 2022:
Weather patterns and climate variability are key reasons food is becoming increasingly expensive in Canada.
The price of vegetables, in particular, is rising as a result of wildfires in Canada and California, where much of the product is sourced from.
Bonus: Click to read how to tackle money issues during the Pandemic.
The covid-19 pandemic and world lockdown have caused things to shut down while simultaneously increasing the dollar rate.
And as Canada gets a lot of food imported to the country, it has caused the food prices to go up!
The government of Canada uses a quote or food supply control program that gives supply control to the farmers who produce edibles.
The quota system restricts the manufacturer from producing ample food, which also causes an increase in prices.
The dependency on imports for many food commodities is why food inflation in Canada might be at its peak.
Even though Canada produces a large amount of food through agricultural and industrial manufacturing, it imports a significant amount.
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You Might Want To Know: Click to read a detailed Canadian Import Report by Statista to find how much money is spent just to get enough food supply into the country. |
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Food is expensive, and the cost of living continues to rise!
Because grocery is one of the most basic yet expensive items for an average family, finding money-saving options has become more necessary.
So, it's critical to look for ways to cut your living costs by at least lowering your food bill.
If you really want to manage the rising food prices, a pre-planned shopping list can help!
Here watch a video by Amber Gamez to learn How To Do A Budget-Friendly Grocery Haul:
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The best way to manage the high prices is by finding ways that can help you earn some points on all the money you spend.
You can earn cash back, gift cards, rewards, and food points depending on what you buy, where you buy it, and how you buy it.
You can save money for the next month’s groceries while efficiently managing your current month’s food.
Yes, today’s food planning can save you tomorrow!
Saving money and reducing food waste can be accomplished by planning your meal plans for the week ahead.
Pro-Tip: If you're feeling concerned and frustrated due to increased food prices, analyze your financial situation (earnings and savings) first.
You never know; things may not be as bad as you believe!
Click to read an easy-to-follow guide to find ways to save money without changing your lifestyle.
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Doing groceries on a full stomach is superior. There we said it!
Yes, that’s a fact. When you go out shopping on an empty stomach, you’ll be inclined toward every food item.
Not only that, you’ll buy more groceries and will be tempted to dine out because of your hunger.
So, the wise thing to do is eat a home-cooked meal before going out.
Here are some money-saving delicious recipes that won’t hurt your food budget:
Unless you desire the willpower and patience of a saint, going grocery shopping with a blank mind is never a good idea.
Because if you find it hard to stick to a budget, going without a proper food plan will only urge you to impulse buy anything and everything.
Here are some ways to avoid that:
Buying the grocery from an online food app might help you avoid unnecessary purchases. In fact, you might find good brands and discount deals.
If you are depressed, anxious, or in a bad mood, avoid going shopping altogether.
The reason is you might go over the budget or way under that; the price frustration won’t let you buy anything!
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Of course, you were already waiting for it! ;)
There are numerous discounts and a buy one, get one free offer just waiting for you to discover them.
It has nothing to do with your healthy financial situation but everything to do with how well you want to manage your budget.
Major brands are increasingly expensive, and many businesses are reducing promotions and discounts owing to inflation.
You can find cheaper yet healthier alternatives to your favorite brands, so you won’t have to compromise on quality while reducing the price.
The prices of chicken and meat increased by 16.8% and 10.4%. Yes, that’s a lot to handle if you don’t have any side hustle ideas to save money and build wealth.
Consuming fiber and protein foods are not only healthy for your tummy but also for your food budget.
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Yes, while we recommend taking advantage of food offers and coupons, don't forget to compare unit pricing to avoid being taken advantage of.
So, you must read, analyze, and compare the labels, units, and prices before falling into the deals trap!
Sylvain Charlebois (a food professor) says that the best way to manage the high food prices is by utilizing all the food you have because saving money begins at home!
According to food waste facts in Canada, almost 58% of food is wasted in Canada.
Furthermore, an average household spends approximately $1,776 on food just to throw it into the bin!
So, save money by keeping track of your groceries and make sure you eat them before they go bad.
Food is necessary for surviving!
Every living thing requires it to function properly.
So, to state that groceries and food in Canada have reached a stage where low-income households struggle to live and survive is a vast understatement.
However, one must survive the hard challenges. And to help you out with that, we have curated this food bill managing guide.
Give it a read and find ways to save money on groceries in Canada!