Mar 08, 2023
By Christine Ross
Grocery chain CEOs will likely face tough questions from MP’s in Ottawa this evening about the high price of groceries.
The heads of Loblaw, Metro and Empire foods have been summoned to testify before a parliamentary committee to defend their prices that have climbed their fastest pace in decades.
Statistics Canada reports groceries have jumped more than 11 % in the year up to January, even as overall inflation slowed to 5.9 %.
The CEO’s have come under increased scrutiny as their profits have skyrocketed. Collectively, Loblaw, Metro and Empire foods took in more than $2 billion in profit in their most recently completed fiscal year.
The top executives say accusations of profiteering are unfounded.
Earlier this week, the committee heard from food suppliers, who say they have no choice but to pass on increased costs to customers.
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