Canadian grocery prices continue to rise, but at a slower pace in November 2023

 

According to a recent report by Statistics Canada, the cost of food purchased from grocery stores in Canada increased by 4.7% annually in November 2023, which is lower than the annual rate of 5.4% recorded in October 2023. The price of food purchased from stores remains higher than headline inflation, and food prices continue to be driven by a variety of international and domestic factors. 

This trend reflects a complex interplay of global and domestic factors affecting food prices. While the easing of growth rates offers a glimmer of hope, the persistent elevation in grocery bills poses a challenge for Canadian households striving to balance their budgets amidst economic uncertainties.

However, there are many ways to save money on groceries in Canada. Here are some tips that can help you save money on your next grocery trip:

1. Buy generic brands instead of name brands: You can save up to 25% on your groceries if you buy generic brand groceries instead of name brands. For most people, there is no discernible difference in quality between generic and name brands for staples like sugar, salt, flour, bleach, and many other items .

2. Make a grocery list and stick to it: According to research from the University of Pennsylvania, people who can avoid impulse spending can save up to 23% on their grocery bills. Making a grocery list and sticking to it is the best way to shop .

3. Eat more fruits and vegetables: You can shrink your grocery budget by up to 25% and trim your waistline at the same time by adding more fruits and vegetables to your snacks and meals .

4. Shop at discount grocery stores: You can save at least 10% on your groceries if you shop at a discount grocery store like the Real Canadian SuperStore compared to the next best alternatives .

5. Shop at a discount produce store: You can save up to thirty-two percent on your fruit and vegetables by shopping at a discount produce store or at a farmer’s market. Discount stores usually sell lower quality produce at significantly lower prices.

6. Look for price breakdowns on shelf labels: Many stores are now breaking down the price of groceries on shelf price labels. This can help you compare prices and make informed decisions about what to buy.

7. Use coupons: Coupons have been part of the grocery game for a long time. They used to be part of the Sunday paper, but now you can find them online or on your phone.

8. Sign up for loyalty programs: Many grocery stores offer loyalty programs that can help you save money on your grocery bill. These programs often offer discounts, coupons, and other perks.

9. Price match: Price-matching is a great way to save money on groceries. Many stores will match the price of a competitor’s product if you show them proof of the lower price.

10. Buy in bulk: Buying in bulk can save you money in the long run. Just make sure you have enough storage space and that the items won’t expire before you use them.