The average family is expected to spend $700 more on groceries in 2024. Here's how to save money at the tills

Food prices are expected to keep rising in 2024, but there are still a few ways Ontarians can save some money on groceries and avoid wasting food.

The annual Canada’s Food Price Report, published by Dalhousie University, the University of British Columbia, the University of Guelph and the University of Saskatchewan, predicts food prices will rise somewhere between 2.5 per cent and 4.5 per cent next year as inflation continues to moderate.

“Overall, we actually do believe that Ontario will be an average province when it comes to inflation in general,” Sylvain Charlebois, project lead and director of Dalhousie’s Agri-Food Analytics Lab, told CTV News Toronto.

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Bakery, meat and vegetables are expected to go up the most at a five to seven per cent increase, according to the report. Researchers behind the report also predict a family of four will spend about $700 more on food in 2024 than they did this year for an annual estimate of $16,297.20.

Interestingly, however, the report predicted that the same family of four spent nearly $700 less than 2023’s report estimated. So, how can Ontarians maintain their budgets on groceries despite inflation?

CTV News Toronto spoke to a few experts and here is what they had to say.

HOW CAN I SAVE MONEY ON GROCERIES?

Charlebois said being patient will pay off.

“I think that’s going to be the theme for 2024. If you wait and look, you will likely find more promotions, more rebates,” Charlebois said.

“Things are going to get tight in 2024. The first half we’ll continue to see a declining food inflation rate, but we are actually also expecting some major promotions especially at the centre of the store with dried goods where margins are getting tighter.”

David Soberman, a marketing professor at the Rotman School of Management at the University of Toronto, said knowing the price of food can help shoppers have their dollars go further at the till.

“For example, I was looking at the price of turkey at Sobeys and Metro, and it was $1.99 a pound for frozen turkey, and Walmart was $2.19,” Soberman said. “Especially if you’re shopping for a family, these are things to think about […] Gather information and to be able to recognize prices.”

Natasha Macmillan, director of everyday banking at Ratehub.ca, recommends sticking to your grocery list after you make it.

“So, while you might do meal planning, or you might not … I find it really easy to sit down on a Sunday night, make a meal plan for what I want to cook over the next week or two, and the ingredients that are needed for that kind of meal plan,” Macmillan said.

“Then, when you go to the grocery store, you’re not kind of persuaded into buying things that are right at [the] line of sight or things you might not need.”

Outside of avoiding grocery shopping while on an empty stomach, Macmillan also recommended going alone.

“Whether it’s leaving the kids at home – if that’s an option – or leaving some over-spenders at home,” Macmillan said.

Macmillan also suggested scouring for coupons and flyers – there are even phone apps for that.

“Once I have my grocery list, I can go on that app and type in anything. So, you can type in lettuce, and it’ll show you different flyers that you can kind of save to your little account, and when you go to your cash, they’ll actually price match it,” Macmillan said.

Shoppers may even be able to get a grocery store to price match an item that is cheaper at their competitor, Macmillan added.

SHOULD I STICK WITH THE SAME GROCERY STORE?

Grocery stores will be competing for consumer loyalty, Charlebois noted.

“Grocers will want our business back, a lot of consumers have become nomads going from one store to another without being loyal to any store, any company, any brands, and that’s going to be at the advantage of consumers,” Charlebois said.

But should Ontarians stick to the same store?

For Charlebois, it comes down to two schools of thought: shoppers can either stick to the same store and go once a week or every two weeks to actually benefit from buying in bulk or by going to a variety of stores and alternating between two or three stores over a week.

“Both approaches can actually benefit you,” Charlebois said, adding, however, it would depend on how big the household is. “If you’re single, or if you’re an elderly couple, you may actually have some more time and could spread out your visits over several days […] If you have a family, if you have kids, if you buy a lot of food, my guess is that bulk buying may actually be the preference.”

Grocers are also expected to provide more “aggressive” loyalty programs, Charlebois said.

Soberman, however, recommends shopping around to see what stores offer the better price.

“People that tend to be very loyal to one particular store for their groceries will tend to pay a higher price because the retailers capitalize on the fact that people don’t want to make extra trips,” Soberman said.

Shoppers will also want to search for the best value for an item.

“The real issue is not always buying the cheapest, but trying to get the best value,” Soberman said. “If you’re going to go buy something that is a fairly high quality item, you still want to search around and try to make sure you’re paying the best price for it.”

HOW CAN I AVOID WASTING FOOD?

Planning your meals ahead of time and using your produce “smarter,” Macmillan says, can help cut down on food waste.

“So, whether it’s buying frozen or canned fruits and veggies that might last longer instead of fresh produce and being aware of how much fresh produce you buy and ensuring that you’re going to use it within the week so that you can minimize the waste and the potential of it going bad,” Macmillan said.

Repurposing your leftovers by reinventing them into a new dish can also help with the fatigue of eating the same thing repeatedly throughout the week, Macmillan adds.

With files from The Canadian Press