When it comes to rising food costs, this is something that affects us all and something we should all be paying attention to. According to Canada’s Food Price Report for 2018, food prices are expected to rise another 1%-3% which is slightly lower than what was predicted for 2017, but none the less, still rising.
There are numerous factors that go into predicting these types of trends and everything from consumer shopping, to the Canadian dollar and more effect can affect these trends. But a key indicator in the report states that where you will see the biggest increase in pricing is when you dine out. That’s right, eating out and vegetables are going to take the biggest hit as prices are expected to rise 4%-6%. And that’s a pretty big jump for the average Canadian who spends approximately 30% of their annual income on their food budget.
It’s no surprise that convenience has its price, and that’s no different in the food industry. As take-out and drive-throughs are now a thing of the past, the latest is the boom in technology and how it is shaping food trends and consumer purchasing decisions. All done at the tips of your finger, your food is also now living in a digital world, and you can order through a number of apps and services all trying to master the digital food space.
Staying with the options of convenience, pre-packed meals, dinners, and services are also expected to grow as they already make up $150 million of the market. We’ve talked before about how these pre-packaged meals are not only very tempting but also cost more than what you can easily prepare for yourself at home.
So if there is one thing you’re trying to clean up on for budgeting purposes, your food costs may be it. Always keep an eye on for sales and discounts, and speaking of technology, there are even apps to help you do that now too! The more creative you get with your cooking can also help you save. Who else have things in their pantry that have still never been opened? Try and use up everything in your cupboards before heading out and purchasing more. You may even discover a new recipe while you’re at it!
What are your favourite tips and tricks for saving money when it comes to rising food costs? Let us know in the comment section below.