People are furious with Canadian grocery stores for profiting off inflation Canada GroceryStore
that prices for items in its stores were indeed going up faster than the overall consumer price index — 9.7 per cent for groceries vs. 7.7 per cent overall infation rate , figures from StatsCan show.
While the health crisis has disrupted labour, supply chain and manufacturing costs, the big three grocery stores in the nation are jacking up prices"more than they have to,"report has found, all after recording a record $4 billion in extra grocery sales within the first six months of lockdown vs. the year prior.
Profits for corporations are growing faster than inflation. Loblaws saw a 40% increase in Profit…not revenue. Inflation definitly exists, but the extent of it is corporate manufacturedNumbers analyzed by the news outlet show that profit margins have been increasing for Loblaw Companies Ltd., Empire Company Ltd. and Metro Inc., meaning that the higher prices facing customers are not just a result of increased costs on their end.
And consumers, money from whom the chains keep about 60 per cent of when spent at their stores, are starting to take notice and ask questions. 'Profits for Loblaws, Sobeys-parent company Empire, and Metro increased by 21%, 27%, and 15%, respectively, over the first quarter of 2022.' - just so we are all clear where inflation is coming from.
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