Supermarket billionaire Galen Weston and top executives of other Canadian grocery chains pushed back against accusations from lawmakers that they’re gouging…
The executives told a parliamentary committee on Wednesday that food price inflation is affecting every country right now, and argued Canada is doing better on this measure than many others.Sign up to receive daily headline news from Ottawa Citizen, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Weston’s grocery chain, Loblaw Cos., earned $2.66 billion before taxes last year, at a pre-tax margin of 4.7 per cent. That was up slightly from 4.6 per cent a year earlier. Weston told the lawmakers that underlying food prices have been increasing 25 times faster than his company’s profits.Still, Canadian consumers continue to be hit hard by the rising price of groceries, even as the headline inflation rate has been falling.
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