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Is the Rising Cost of Food Affecting Your Lifestyle?

21 May 2013

Whether you’ve become vegan because the rising prices of dairy are just too much to handle; or you’ve made changes to your budget in other areas due to the same increases, the chances are very good that you’re among the many Canadians who have noticed the increasing food costs. And that you’ve made changes to either your lifestyle or your budget because of them.

According to a recent study done by Royal Bank, the monthly grocery bill for the average Canadian was $411 per household. But just as is the case with any survey, many provinces are higher than that national average, while others are lower. Quebec spends the most on food each month, averaging about $448 per home; while Ontario is the lowest at about $379 per month.

But those households probably aren’t getting as much with those amounts as they used to be due to the increase in food costs over the past several years. And Canadians have noticed. The survey also found that 84 percent of people around the entire country have noticed the rising cost of food, and that it’s made a direct hit on their budget. Again, this was a trend that was felt more in some provinces and less in others. Still, Ontario was the only province to fall below the national average when it comes to how noticeable the difference in cost is.

So it should come as no surprise then, to find out that consumers are making changes in their budget to try and accommodate these rising prices. 15 per cent of survey respondents said that they were trying to cut costs in other areas of their budget, such as car insurance, to help deal with the rising cost of eating and feeding their family.

“In light of concerns over escalating food prices, more Canadians are looking for cost-saving strategies they can use on their next trip to the grocery store,” says Jason Round, head of Royal Bank’s financial planning unit.

Have you noticed the rising cost of food? Has it impacted your lifestyle, or caused you to make changes in your lifestyle or budget?

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