Loblaw ends No Name price freeze, vows ‘flat’ pricing ‘wherever possible’

Loblaw is not going to be extending its worth freeze on No Name model merchandise, however vows to maintain the yellow label product-pricing flat “wherever possible.”

“The more than three-month price freeze ends January 31 — but we’re not done,” a Loblaw spokesperson stated in an electronic mail to CTV News Monday. “Looking ahead, we’ll continue to hold those prices flat wherever possible, and switching to No Name will still save the average family thousands this year.”

Loblaw introduced in mid-October it will freeze costs for 1,500 merchandise bought below its No Name personal label. At the time, Loblaw chairman and president Galen G. Weston stated the worth of a mean basket of groceries was up about 10 per cent, one thing he stated was a lot out of Loblaw’s management.

The Canadian retailer famous Monday, meals inflation has continued to extend, costing the corporate extra to inventory cabinets.

The nation’s inflation rated slowed once more in December 2022 to six.3 per cent. However, Statistics Canada stated grocery costs have been up 11 per cent for the month in comparison with the yr earlier than. This was down a tick from November’s 11.4 per cent.

Canada’s grocery chains have been below hearth for making regular earnings amid excessive inflation. Third-quarter earnings at Loblaw Companies Ltd rose almost 30 per cent in comparison with a yr in the past. Quebec grocery big Metro Inc. reported a first-quarter revenue of about 11 per cent.

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With recordsdata from The Canadian Press