Amid record profits, Loblaw CEO warns food prices will continue to rise
CTV
Maritimers grappling with rising food prices are being warned it’s about to get worse. Canada's biggest grocer says food costs could increase this year and they have more than 1,000 supplier requests for significant cost increases.
Maritimers grappling with rising food prices are being warned it’s about to get worse.
For 87-year-old Sydney, N.S., resident Bernie Larusic, keeping his refrigerator full has been a challenge.
“We're at a plateau that's way above what we can afford and people are suffering over that,” said Larusic.
It comes as Loblaw's revenue increased by about 10 per cent in the last quarter and a profit of more than half a billion dollars.
“I think people have a right to feel a little bit skeptical, but it's very hard to know exactly what's contributing to these higher food prices,” said Phoebe Stevens, an assistant professor of food security and sustainable agriculture at Dalhousie University.
Canada's biggest grocer says food costs could increase this year and they have more than 1,000 supplier requests for significant cost increases.
Stevens says markets that are heavily concentrated tend to see higher retail prices for consumers.
