February 23rd, 2023
Grocery chains raking in record profits continue a vicious cycle for Canadians already struggling to keep up with the cost of living
In response to Loblaw seeing its fourth-quarter revenue rise about 10 per cent to a whopping $14.01 billion, NDP critic for Finance, Daniel Blaikie (Elmwood—Transcona) issued the following statement:
“Food prices are climbing far faster than inflation, making it clear that some corporations are using inflation as an excuse to jack up prices. This greedflation is forcing Canadians to put fresh vegetables back on the shelf, while CEOs like Galen Weston just saw another huge windfall this quarter.
Even the Bank of Canada now agrees that greedflation is contributing to sky-high food prices. Bank of Canada Governor Tiff Macklem has suggested continued price hikes may be met with further interest rates hikes, which will only hurt Canadian households more. That is why Prime Minister Justin Trudeau and his government must act to reign in corporate profiteering without any further delay. One way to do that is to extend the windfall profit tax on banks and insurance companies to big box retailers and oil and gas companies.
It’s well past time to stop requiring everyday families to pay for an economy designed to keep putting more money in the pockets of the most wealthy.”