Thursday Jun 01, 2023

Grim food price report predicts these items will get pricier in 2023

Canadians are sick and tired of paying exorbitant prices for everyday food items. But, according to the latest instalment of the Canada Food Price Report, the nightmare is far from over.

This is the thirteenth edition of the report, which is put together by the agri-food analytics lab at Dalhousie University in collaboration with authors and advisors from several reputable Canadian universities and research institutions.

“We were hoping to have better news for Canadians, given the difficulties experienced in 2022, but our models tell us a different story,” the report states.

Last year’s food price report predicted prices would increase

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Loblaws officially thaws its price freeze, and N.L. shoppers can expect grocery costs to go up

A Loblaws Dominion parking lot.
Loblaws announced last fall that it would freeze prices on all No Name items until January. (Curtis Hicks/CBC)

The Loblaws grocery price freeze has officially thawed, but consumers aren’t warming up to the fact that their food bills are set to keep going up.

The grocery giant announced last fall that it would freeze prices on all No Name items until January, a move that was marketed as a way to help customers hit hard by inflation. Many in the industry said it was merely a publicity stunt, as many grocery chains implement similar price freezes over the holiday season.

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Food makers face pushback over price increases in Europe

In recent months, tensions have mounted between CPG brands and their retail customers over how far and fast to hike prices. Record levels of food inflation across the region – up 13.1% in the eurozone for October, according to Eurostat – suggest that food makers have been largely successful in winning pricing concessions that reflect the inflationary pressure they are feeling.

However, a grim economic outlook is likely to make this picture more challenging. A number of multinational CPG companies have spoken of deteriorating sentiment in Western European markets. 

Most recently, the issue was flagged by confectionery giant Mondelez International

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Nestle raises growth outlook, eyes consumer reaction to price hikes

  • Q2 organic growth 8.7%, beats poll
  • H1 net profit hit by one-offs, misses poll
  • Raises growth outlook, slightly trims margin target
  • Shares fall 1.4%

ZURICH, July 28 (Reuters) – Nestle (NESN.S) warned on Thursday that price hikes could eventually weigh on sales volumes for the maker of Cheerios cereals, Kit Kat bars and Nescafe as it raised its full-year sales growth forecast to 7-8% and trimmed its margin guidance.

Cost inflation hurt the world’s biggest food group less than expected in the second quarter and price increases boosted first-half organic sales growth.

Consumer goods businesses are facing soaring costs for

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Bizarre! Bride and groom offer food to wedding guests based on price of gift

Weddings are one of the most important events in a bride and groom’s life. A lot of preparation goes into making the wedding guests happy and make sure that they have a good time as they bless the newlyweds. 

But, a bride and groom took a different route and released a note for the wedding guests where the price range of their gifts would decide the kind of dinner they will receive at the wedding. 

A photo of the note is being massively shared on social media in which the bride and groom asked the guests to let them know

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Pandemic-era food price increases, shortages persist

Taco Bell is among the latest companies to say it might not be able to complete customers’ orders due to ongoing transit and supply chain problems. 

What You Need To Know

  • Consumers are likely to see continued price spikes at grocery stores and ingredient shortages at restaurants due to global supply chain issues 
  • Prices for consumer goods in June rose 0.9% from May and 5.4% over the past year — the sharpest 12-month inflation spike since August 2008
  • Taco Bell is among the latest companies to say it might not be able to complete customers’ orders due to ongoing transit
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