Here's what will cost more - and less - in 2022

Inflation was top of mind for many consumers in 2021.

Economic forecasts suggest prices will continue to rise in the new year. 

So what can British Columbians expect to pay more — or less — for in 2022? 

For many British Columbians, higher prices were most noticeable at the grocery store.

"You have to expect a continuation of the kind of food price inflation we had this past year," Richard Barichello, a professor at the University of British Columbia's Faculty of Land and Food Systems, said. 

Barichello is one of several contributors to Canada's Food Price Report, which forecasts that Canadians will pay five to seven per cent more for food in 2022. According to the report, the average family of four will pay $14,767 per year for food, an increase of $966 from the year prior. 

Barichello says global prices for agricultural commodities will affect Canadian consumers in addition to other factors, such as rising wages and supply chain challenges. He notes that the report was prepared prior to flooding in B.C. 

He says consumers may choose to respond to soaring food costs by choosing generic products over brand-name items, and shopping at discount stores rather than full-service chains.

Consumers may also choose to avoid purchasing items, such as meat, that have seen the largest price increases. 

Barichello notes that price forecasting is challenging. The last food reported projected meat prices would rise by 4.5 to 6.5 per cent in 2021. In mid-December, Statistics Canada reported that prices for fresh or frozen beef increased 15 per cent year over year in November. 

The price of meat is projected to be relatively flat in 2022, but price spikes aren't out of the question, Barichello says.

"Certainly there's no relief yet in sight, although inflation — as a general phenomenon and being one of the underlying parts of the picture here — is forecast to gradually come back down. Some people think that will happen by the middle or the end of 2022," he said.

The City of Vancouver's budget includes a property tax increase of 6.35 per cent while the City of Surrey approved an average property tax increase of 2.9 per cent. Richmond will see property taxes rise by an average of 3.86 per cent and Coquitlam 3.43 per cent.

At the beginning of the pandemic, the provincial government put a freeze on rent increases.