Loblaw’s No Name price freeze ends as rival warns of impending cost increases
The grocer has been getting a “significant number” of cost-increase demands from its vendors, and price changes will be coming, he said.
“We have had good conversations with our vendors to manage it, to mitigate and to control the rate of increases because we want to protect those customers and protect the pricing at retail — but there are increases coming,” La Fleche said. “The root causes of worldwide food inflation are still there, and we’re going to have to accept some of these increases. Hopefully we will manage to mitigate it as best we can. There is more of that ahead, while we will remain competitive in a very competitive marketplace.”In its December 2022 report, StatCan said the annual rate of inflation slowed to 6.3 per cent in December from 6.8 per cent in November. It was the biggest drop in inflation on a monthly basis since April 2020.
While StatCan reported slower price growth among staples such as bakery products and coffees and teas , the agency said December saw continued pressure on fresh vegetables, with prices rising 13.6 per cent last month compared with 11.7 per cent in November. Tomatoes cost 21.9 per cent more in December, year over year. StatCan blamed bad weather in growing regions for the spike.
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