Grocers under growing political pressure as NDP pushes for investigation of 'profit-driven inflation' — via financialpost News Economy Inflation
The top three grocers — Loblaw Cos. Ltd., Sobeys’ parent Empire Co. Ltd., and Quebec-based Metro Inc. — say higher profits and wider profit margins are coming from other factors and have nothing to do with the broader inflation story. For example, all say they are benefiting from increased demand for high-margin health and beauty products, now that pandemic restrictions have been lifted and people are going back to offices and parties.
MacGregor’s formal notice of motion called on the committee to “examine record profits of large grocery chains and their CEOs in relation to employee wages and the cost of groceries in Canada.” MacGregor also wants the investigation to look at the grocery oligopoly’s ability to use its dominance to “cut into the earnings of Canadian farmers.” The investigation would invite witnesses including grocery CEOs, unions and farmers, according to the notice of motion.
But John Barlow, the Conservative agriculture critic and one the committee’s vice-chairs, said he believes such an investigation into competition and wage issues would be better suited for the House of Commons committee on industry, which has previously studied power imbalance issues in the grocery sector.Article content
Barlow said he’d be “more open” to an investigation if MacGregor refocused the motion to look at rising input costs at the farm level, including fertilizer prices and the impact of the Trudeau government’s carbon tax.Alistair MacGregor, MP
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