The Canadian dollar is in freefall ... and so are people's bank balances, if grocery bills are any indication.

Analysts say the dollar could fall as low as US$0.59, the lowest it's ever been (the current record low is US$0.6179, set in January, 2002).

That's one factor, alongside growing conditions, that's leading to more expensive grocery bills across the country.

Much of the produce that Canadians buy is imported from the United States, and that means it's more vulnerable to changes in the value of the loonie.

A study by the Food Institute at the University of Guelph last year found that consumers added $325 to their food bill in 2015 ... and are likely to spend $345 more on top of that this year.