Canada's largest grocer says its product costs have risen by nearly $1 billion so far this year — double the historic norm — as it continues to see "outsized" price increases from big multinational food brands.
His comments come after Loblaw Companies Ltd. said cost hikes from suppliers appear out of sync with the commodity cost environment, and are contributing to elevated food inflation in Canada. The grocer made the decision to highlight the ongoing oversized price increases as it's "one of the big drivers of cost inflation that we are seeing," Loblaw chairman and president Galen Weston said.
Many big food makers with headquarters outside of Canada are continuing to pass along significant price increases to retailers.
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Loblaw calls out ongoing 'outsized' price hikes from big brand-name food companiesCanada's largest grocer says its product costs have risen by nearly $1 billion so far this year — double the historic norm — as it continues to see 'outsized' price increases from big multinational food brands. Loblaw Companies Ltd. said Wednesday the cost hikes appear out of sync with the commodity cost environment, and are contributing to elevated food inflation in Canada. While small- and medium-sized Canadian food suppliers appear to be 'catching up on costs,' the price increases passed on b
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Loblaw calls out ongoing 'outsized' price hikes from big brand-name food companiesCanada’s largest grocer says its product costs have risen by nearly $1 billion so far this year — double the historic norm — as it continues to see “outsized”…
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Loblaw calls out ongoing 'outsized' price hikes from big brand-name food companies'We did not pass the full amount of cost inflation to customers, leading to food gross margin declines yet again this quarter,' Loblaw chairman and president Galen Weston said.
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