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.
The price of everything, grown, manufactured, packaged & transported to grocery stores has increased b/c of higher carbon taxes & payroll taxes. Add increased material,wage & energy costs with an unfavourable US exch & everyone pays more at the end of the line.
It’s the carbon tax bozo
Maybe Freeland and Trudy should be transparent on there WEF agenda as well
The name Chrystia Freeland and term transparent do not belong in the same sentence.
It’s simple Liberal carbon taxes that inflate costs at every step of the food chain. trudeauhasgottogo
Oh FFS, we just saw Jagmeet get his ass handed to him with this populist BS. Freeland needs to look at Canada's fiscal and tax policy for the effects on food prices as well as Canada's supply chain management.
Just take a look at the carbon tax that explains a lot right there. Compounding all the way down the supply chain with tax on tax with the GST as well
Sorry ? The government asking for transparency… is this an accurate request
The only people they need to transparent to are their shareholders.
Since policies are a main tool of governance, will Minister Freeland tell us if her government will introduce one to do something about it?
the government of Canada needs to be transparent in its spending and where it really goes.
Not a shareholder, but wouldn't these details be available in their earnings report? Which areas within the business is driving earnings...
That's rich. Freeland demanding transparency ! Typical Liberal, do as I say, not as I do.
That’s easy MONEY GRAB!
Is she saying their quarterly financial statements are false or is she just incapable of comprehending them?
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