The CEOs and presidents of Loblaw Cos. Ltd., Metro Inc., and Empire Co. Ltd. — which operates chains including Sobeys, Safeway and FreshCo — appeared Wednesday in front of a parliamentary committee that is studying inflated grocery prices
OTTAWA — The leaders of Canada's major grocery chains insist that food price inflation is not caused by profit-mongering and that their margins on food-related profits have remained low.Their testimony came amid calls from federal politicians, including Finance Minister Chrystia Freeland and NDP Leader Jagmeet Singh, for the industry to be more transparent about what is driving its record-high profits.
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. 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 products.After the meeting, Weston told reporters that he recognizes the food inflation issue is "a very difficult challenge."
Singh, subbing in for the party's agriculture critic, directed his questions to Weston, who was sitting just a few metres away.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Grocery CEOs deny accusations that food price inflation is driven by profit-mongeringGrocery 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.
Lire la suite »
Grocery CEOs deny accusations that food price inflation is driven by profit-mongeringOTTAWA — The leaders of Canada's major grocery chains insist that food price inflation is not caused by profit-mongering and that their margins on food-related profits have remained low. The CEOs and presidents of Loblaw Cos. Ltd., Metro Inc.
Lire la suite »
Grocery CEOs deny accusations that food price inflation is driven by profit-mongering - Terrace Standard‘We are at the end of a very long food supply chain that has economic inputs at every step and stage’
Lire la suite »
Grocery CEOs deny accusations that food price inflation driven by profit-mongeringThe leaders of Canada\u0027s major grocery chains insist that food price inflation is not caused by profit\u002Dmongering.
Lire la suite »
Grocery CEOs deny accusations that food price inflation driven by profit-mongeringThe leaders of Canada\u0027s major grocery chains insist that food price inflation is not caused by profit\u002Dmongering.
Lire la suite »