2023 Looks Grim, Says Food Bank CEO

In September, about 8,800 new families registered to use the Daily Bread Food Bank for the first time in Toronto. And while the food bank caters to clients on social assistance, or working minimum wage or part-time jobs, they are seeing more of those with higher salaries but have most of it go to rent or other expenses amid rapidly rising prices.

Prior to the pandemic, Daily Bread, which is one of the country’s largest food banks, was serving 60,000 clients per month across their almost 200 programs in Toronto. The pandemic saw this number surge to 120,000, and now with inflation and food prices soaring, they’re seeing up to 182,000 clients per month.

“Fifty tonnes of food are going out every day to Toronto,” said Daily Bread CEO Neil Hetherington. “It is a dire situation for a lot of people. And the people who are coming to the food bank now are not just individuals on fixed incomes but rather people across the cubicle from you.”

The bleak reality is that things might just take a turn for the worse, especially in the colder months when people will also need to spend for heating. Hetherington’s team predicts that their clientele will grow to 225,000 monthly by March next year.

“I’m worried about 2023,” he said. “It’s looking grim.”

Information for this briefing was found via the Toronto Star, and the sources and companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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