Here's How Much Your Holiday Meal Will Cost in 2024

Ho-Ho-How Much? Unwrapping 2024 Holiday Meal Costs — And How to Save

Canadians may need to brace for higher grocery bills this holiday season. Discover how much prices have changed and get tips to keep your holiday meal within budget.

The tree may not be the only thing in need of a trim this year: soaring grocery prices are forcing Canadian households to pare back their holiday meal budgets, too.

From the bread for stuffing to the butter for pie, expect heftier price tags on most items in your grocery cart this holiday season. Here’s how to prepare.

Naughty or nice? Food costs don’t discriminate

Whether you’ve made it to Santa’s nice list or not, there’s no escaping the surge in food prices. In recent years, Canadians have witnessed an indisputable and unrelenting climb in grocery bills. From January 2020 to October 2024, food costs in Canada have risen by 24.1%, according to Consumer Price Index data from Statistics Canada.

A perfect storm of pandemic-induced inflation, supply chain disruptions and extreme weather events have contributed to raised food costs. That said, Canadian consumers, news outlets and Members of Parliament alike have voiced concerns about additional food cost factors like shrinkflation and price-fixing campaigns.

Despite executives from major grocers like Loblaw insisting that none of their store profits have come from higher food margins, the reality is that food costs are up — as are grocer profits.

In fact, a Competition Bureau Retail Grocery Market Study Report released by Statistics Canada in 2023 found that as grocery prices have increased in Canada in recent years, so have grocers’ profits. The report reveals that the profits of Canada’s three largest grocers have collectively grown from $2.4 billion in 2019 to $3.6 billion in 2022.

The complex forces behind the bloated prices notwithstanding, what’s not up for debate is how these escalating costs continue to strain Canadian wallets.

To illustrate this impact, we’ve analyzed the price changes of common holiday meal ingredients over the past four years.

Yule pay more: Rising grocery costs from 2020 vs 2024

Holiday surprises can be a delight, but sticker shock at the grocery store isn’t what anyone hopes to find in their stocking. The cost of the food items we tracked jumped an average of 20% since 2020, with some dinner table staples seeing hikes of nearly 37%.

A detailed comparison of 15 common holiday ingredients reveals the sharp year-over-year increase in grocery prices over the past four years. What cost $140.44 in October 2020 now rings in at $171.45 — an extra $31 for the same items.

How we calculated these grocery prices
The percentage changes shown in the chart were derived from year-over-year food price data provided by the Statistics Canada Consumer Price Index (CPI) for October 2020 and October 2024. Current food prices for November 2024 were sourced from Loblaws (Mississauga Ontario McLaughlin Road location) via their online store. To estimate hypothetical prices for October 2020, we applied the percentage changes in reverse to the November 2024 prices.

3 ways to trim the fat from your holiday grocery list

While holiday meal prices have climbed significantly, there are several ways to keep your food costs in check. Here are three practical strategies to help you save.

1. Make your list (and check it twice): Strategic shopping saves money

Compare prices across multiple stores and flyers to hone in on time-sensitive discounts and deals. Apps like Flipp and Reebee can help you create shopping lists, track deals, browse store-specific flyers and source coupons from your mobile device. Bouncing between stores may feel like more trouble than it’s worth, but the added savings could be a game-changer for your shopping budget.

2. Waste not, want not: Save some dough with food rescue apps

Food-saving apps can help you rescue meal ingredients at a significant discount. Apps like Too Good to Go and Flashfood can help you snap up surplus or near-expiry groceries from local businesses at deep discounts. Both are free to download and offer a win-win opportunity for cash-strapped shoppers: to save money while reducing food waste.

3. Cash in credit card rewards for grocery discounts

Before you start swiping your way through your holiday shopping, check your credit card rewards balance. The points or cash-back rewards you’ve diligently accumulated can help offset grocery costs. Some credit cards let you redeem rewards for store gift cards or apply rewards directly to grocery purchases.

With these money-saving strategies in your shopping cart, you’ll be well-equipped to keep your holiday meal traditions alive without breaking the bank.