The Daily Chase: Loonie stabilizes; Maple Leaf battles with inflation
BNN Bloomberg
The Canadian dollar is stabilizing somewhat after slipping to a fresh four-month low yesterday – currently at 72.5 cents U.S. – in the wake of the Bank of Canada’s decision to hold on rates.
GROCERS GRILLED ON THE HILL
The heads of Canada’s largest grocers – Loblaw, Metro and Sobey’s parent Empire Co. – heard it from lawmakers late yesterday on the topic of food price inflation, and were unsurprisingly eager to push back on the notion their firms were profiteering on higher prices. Loblaw chief Galen Weston came out swinging at that notion, declaring that “no matter how many times you read it on Twitter, the idea that grocers are causing food inflation is not only false, it’s impossible,” as global forces, including the war in Ukraine (long called Europe’s breadbasket) drag prices higher. Still, it’s an optics issue that’s hard to fight (thus the grocers being called on the carpet) as food price inflation has remained above 11 per cent for the last five months, while overall prices pressures have eased to just shy of six per cent.
MAPLE LEAF SWINGS TO A LOSS
