The Canadian prime minister's warning of new taxes that might be imposed on national grocery chains is unlikely to solve the problem of food inflation and could lead to price increases for other essentials, industry experts said on Friday. Prime Minister Justin Trudeau said on Thursday he had invited the heads of Canada's five largest grocery chains, including Sobeys, Metro and Loblaw, to Ottawa next week to discuss how they planned to control sky-rocketing food prices.
·By Granth Vanaik and Juveria Tabassum
Prime Minister Justin Trudeau said on Thursday he had invited the heads of Canada's five largest grocery chains, including Sobeys, Metro and Loblaw, to Ottawa next week to discuss how they planned to control sky-rocketing food prices. He said the government would impose new taxes if their plans did not provide real relief.
However, after a similar move from the French government in June, analysts were skeptical about Trudeau's warning. They argued it was a "political" tactic and might be ineffective in lowering lingering food inflation. Michael Ashley Schulman, chief investment officer at Running Point Capital Advisors, said new taxes could have the adverse effect of causing price increases for other personal and household essentials like toiletries and cleaning products.
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