Canada's grocery chain leaders tell House of Commons that jumps in food prices are not due to profit-mongering
The leaders of the country's biggest grocery stores say the chains are not behind rising food prices.
Yesterday, the presidents and CEOs of Empire, Metro and Loblaws appeared before a House of Commons committee looking into food inflation.
The officials claimed that food inflation is a global problem, and their profit margins remain low.
Galen Weston, the president of Loblaws, says his company makes about $1 in profit for every $25 spent on groceries.
He also claims the company is making more money off of financial services and clothing and pharmacy sales, which he says represents over half of its business.
In January, grocery prices were about 11 percent higher compared to a year ago.
Meanwhile, the overall inflation rate was just under six percent.
Several politicians, including federal Finance Minister Chrystia Freeland and NDP leader Jagmeet Singh, are calling for more transparency from chains in regards to record-high profits.
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