'It's not the grocery store's fault': money manager on food inflation

Canada's major grocers have come under fire for making billions of dollars in profits while Canadian families struggle to put food on the table, but a veteran money manager says grocers aren’t to blame for high food costs.

Big Canadian groceries stores are set to make around $3.5 billion in profits this year, according to David Baskin, chairman and CEO of Baskin Wealth Management. However, he argued that the number isn’t as big as it seems.

“(It) sounds like a lot of money until you divide it by 14 million Canadian households, and that means that the total profits of the industry come out to about $250 per household per year,” Baskin told BNN Bloomberg on Monday.

Baskin argued that even if those profits were to fall in half, Canadian households would only save around $125 per year, or $2.50 per week.