As members of Parliament gear up to grill the CEOs of Canada's largest grocery store chains, experts say elected officials should push for more transparency on why grocers are making so much money.
The CEOs and presidents of Loblaw Cos. Ltd., Metro Inc. and Empire Co. Ltd. -- which operates chains including Sobeys, Safeway and FreshCo -- are set to testify before the House of Commons agriculture committee on Wednesday as part of its study on food inflation.
The proposal to hear from the industry leaders came from the party's agriculture critic, Alistair MacGregor, and it received unanimous support from Liberal, Conservative and Bloc Quebecois MPs on the committee. The grocery chain's gross profit in the first half of 2022 beat its previous best results by $180 million -- equivalent to about an extra million dollars a day, the research found.
David Macdonald, a senior economist at the Canadian Centre for Policy Alternatives, said the grocers may indeed be making their profits off of non-food products. But "we have no way to evaluate that because we can't see any of that segmented information," he said.
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