Grocery CEOs should have clear answers on the reasons for rising grocery bills that have hit households hard when they appear before a parliamentary committee. StarEditorial
. Yet that’s the challenge to be faced Wednesday when chief executive officers appear before the standing committee on agriculture and agri-food.
This isn’t the first opportunity for the top executives to convincingly demonstrate that they are not taking advantage of inflation to drive profits. It's the bottom line that’s a mystery. While Loblaw, for example, segments its sales performance between food retail and drug retail, it does not break out profits similarly. In the absence of granular financial reporting, how can the committee hope to achieve its self-described mandate to study profit-driven inflation in the grocery sector?
Look, we know there are myriad reasons for the price escalation. From the war in Ukraine to increases in food production costs to cold weather induced shortages in Spain and so on. We need only turn to the U.K. to gain a bit of perspective. The data company Kantar recently reported that grocery price inflation in the four weeks to mid-February surpassed 17 per cent, leaving British shoppers facing an increase of about $1,300 on their annual bill.
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