Grocery prices were up 11.4 per cent in January compared to a year ago, nearly double the overall rate of inflation of 5.9 per cent.
At the same time, there has been a rise in corporate profits writ large, and major grocers have been outperforming. All three companies posted higher profits in the first half of 2022 compared to their average performance over the past five years, according to a report last fall by the Agri-Food Analytics Lab at Dalhousie University.
He said the company’s profits amount to about $1 for every $25 spent on groceries, and food prices have increased about 25 times faster than profit margins on food product.The NDP had insisted on meeting to hold CEOs accountable for what they term “greedflation,” and Singh advertised his showdown with Weston in a slate of social-media posts ahead of the meeting. The party even created a page on its website allowing supporters to RSVP to watch it unfold.
“We feel and understand that 95 per cent of Canadians are concerned about food prices. But grocery chain profits are not the reason for food inflation,” Weston answered.Weston proffered: “Reasonable profitability is an important part of operating a successful business.” He added that the company reinvests those profits into opening new stores and hiring more employees. “It doesn’t go to me. It goes back into this country.
Weston said the company has already submitted such documents, though because they are “competitively sensitive pieces of data,” the company is “resistant” to disclosing them publicly.
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