Grocery CEOs deny accusations that food price inflation is driven by profit-mongering
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.
It is “false” to suggest that grocers are responsible for high food prices, all three leaders told members of Parliament, saying food inflation is a global problem. 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. Galen Weston, the billionaire chairman and president of Loblaw, said the company has made bigger profits off financial services and apparel and pharmacy sales, which he said represents more than half of its business.
“They look at you and they see you making record profits. How can you justify that when families are struggling to put food on the table for their kids?” he implored. Liberal MP Ryan Turnbull asked Weston whether Loblaw would commit to sharing its detailed financial statements with the Competition Bureau, which is studying whether a lack of competitiveness in the grocery industry may be contributing to higher prices.
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Grocery CEOs deny accusations that food price inflation is driven by profit-mongeringThe 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.
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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.
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