Loblaw exec pushes back on claim that grocery giant is profiteering from inflation

OTTAWA –

A Loblaw govt is disputing an accusation that the grocery big is making the most of inflation to drive up its personal earnings.

The firm’s senior vp of retail finance, Jodat Hussain, testified on the House of Commons agriculture committee at present as a part of its research of meals inflation.

Hussain informed MPs Loblaw has been elevating costs as a result of suppliers are charging extra, and that the corporate’s gross margins on meals have remained steady.

The govt stated Loblaw pushes again on suppliers once they do suggest elevating costs, citing its disagreement with Frito-Lay over the value of potato chips, which led to empty cabinets through the dispute.

The quickly rising value of groceries has grow to be a hot-button situation in politics, with meals costs up 11 per cent in October in contrast with a 12 months earlier.

The New Democrats have accused firms like Loblaw of profiting off of inflation by unfairly elevating costs on customers.

This report by The Canadian Press was first revealed Dec. 5, 2022.