Canada's largest grocer says its product costs have risen by nearly $1 billion so far this year — double the historic norm — as it continues to see 'outsized' price increases from big multinational food brands
Canada's largest grocer says its product costs have risen by nearly $1 billion so far this year — double the historic norm — as it continues to see "outsized" price increases from big multinational food brands.
His comments come after Loblaw Companies Ltd. said cost hikes from suppliers appear out of sync with the commodity cost environment, and are contributing to elevated food inflation in Canada. The grocer made the decision to highlight the ongoing oversized price increases as it's "one of the big drivers of cost inflation that we are seeing," Loblaw chairman and president Galen Weston said.
Many big food makers with headquarters outside of Canada are continuing to pass along significant price increases to retailers.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Loblaw calls out ongoing 'outsized' price hikes from big brand-name food companiesCanada's largest grocer says its product costs have risen by nearly $1 billion so far this year — double the historic norm — as it continues to see 'outsized' price increases from big multinational food brands. Loblaw Companies Ltd. said Wednesday the cost hikes appear out of sync with the commodity cost environment, and are contributing to elevated food inflation in Canada. While small- and medium-sized Canadian food suppliers appear to be 'catching up on costs,' the price increases passed on b
Read more »
Loblaw calls out ongoing 'outsized' price hikes from big brand-name food companiesCanada’s largest grocer says its product costs have risen by nearly $1 billion so far this year — double the historic norm — as it continues to see “outsized”…
Read more »
Loblaw calls out ongoing 'outsized' price hikes from big brand-name food companies'We did not pass the full amount of cost inflation to customers, leading to food gross margin declines yet again this quarter,' Loblaw chairman and president Galen Weston said.
Read more »
Loblaw shareholders bless Galen Weston’s raise despite criticism over food price inflationLoblaw says 92 per cent of shareholders support pay boost, but shareholder advocacy group expresses concern over raise, says company’s performance is driven ‘predominantly by inflation’
Read more »
Loblaw adjusted profit climbs 10% as grocery prices rise, high-margin drugstore sales remain strongThe retailer says its internal measure of food inflation is ‘generally in line’ with Statscan gauge
Read more »
Loblaw is reporting a $418M first-quarter profit - BNN BloombergLoblaw Companies Ltd. raised its dividend 10 per cent as it reported a profit available to common shareholders of $418 million for its first quarter.
Read more »