Loblaw, Empire and Metro chief executives defended their companies before members of Parliament against accusations that grocery companies are profiteering from inflation
is not only false, it’s impossible,” Mr. Weston said. “Retail prices have not risen faster than our costs.”
He added that Empire is starting to see indications of inflation peaking and abating this spring, and that it is seeing some signs that supplier requests will slow this April, suggesting that price increases could start to slow in the coming months. Mr. Weston said those profits were driven by gains in Loblaw’s non-food departments: pharmacy, apparel and beauty. When asked if those figures could be broken down, he said that they contain confidential commercial information, but had submitted reports to the Competition Bureau.
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