CEOs of Loblaw, Metro, Empire to Be Grilled By Parliamentary Committee About High Grocery Prices
The CEOs of the largest grocery store chains in Canada will face a parliamentary committee today to respond to questions about the rapid rise in food prices. Grocery prices back in January were up 11.4 percent compared to a year ago and even though they now sit at 10.4 percent, the prices are still very high.
CEOs of Loblaw, Metro, and Empire will be present in front of the House of Commons agriculture committee today evening. Empire is the parent company for Sobeys, Safeway, and FreshCo. They will be asked questions about the rapid rise in food prices. Food inflation has been significantly high compared to last year with it reaching 11.4 percent in January.
As per the latest policy rate announcement by the Bank of Canada, food prices have come down to 10.4 percent but it is still quite high, especially for lower-income Canadians.
Till now, other executives from the companies have testified, but the New Democrats in particular were not satisfied with the CEOs themselves not being there. Loblaw and Empire CEOs are expected to be present in person while the CEO of Metro is expected to attend via teleconference.
The Competition Bureau announced back in October last year that it is conducting a study that will look at whether competition in the grocery sector is contributing to higher prices. A final report for this study is expected in June with recommendations for the federal government.