. The global food company, which dominates markets such as corn and beef, reported almost $5 billion in net income in the fiscal year, up 64 per cent from the $3 billion it earned in 2020, marking the largest annual profit since its inception 156 years ago.
One of those studies, published Tuesday by the Canadian Centre for Policy Alternatives, theorizes that Canada’s present rate of inflation would be at least a quarter lower were it not for the gains these companies have made on price hikes. Across all sectors of the economy, corporate profits have grown by $22.9 billion since 2019, reaching an all-time high of $445 billion in 2021. Meanwhile, over the course of the pandemic, Statistic Canada’s consumer price index has increased 6.2 per cent as Canadian households pay $87 billion more for goods and services now than they did two years ago.
Companies typically point to higher input costs to explain price hikes. Restaurant Brands International, which owns Tim Hortons, recently told investors it raised prices in 2021 “given the level of commodity costs and labour inflation.” Dollarama, too,But the CCPA study also noted that, while total corporate expenses grew by $120.7 billion between 2019 and 2021, total corporate revenue grew by a greater $152.2 billion, representing a profit margin of 20.7 per cent.
That study, published by non-profit advocacy group Canadians for Tax Fairness, found that annual sales revenue among Canadian public companies increased by $174.5 million between 2019 and 2021. Comparatively, those companies’ annual expenses only increased $16.9 million. That means that $157.6 million in revenue per firm — or 90.3 per cent of increased sales — amounted to profits.
We'll never be loyal to a grocery strore again. Screw them. In fact, my family has stopped buying several grocery items we can do without. I stopped buying cheese, cereal and condiments. My husband stopped buying ice cream. We now buy only a minimal amount of meat and less coffee
NancymajorNancy Bullshit. The cost of everything that goes into getting that product on the shelf has gone up. Gas being a huge component. But you keep on shilling for Trudeau/Liberals. TrudeauDestroyingCanada cdnpoli TrudeauMedia
This is one persons opinion that goes contrary to every thing we know about economics. If a colony simply just raised their prices way beyond demand, they will lose money. Nobody is just arbitrarily raising prices at a factor way beyond their costs. That’s a bold faced lie.
gmarie55 Yes I agree
oneunderscore__ But it’s Biden’s economy…..
oneunderscore__ I can believe that!
Who is shocked that corporations that obsess about the bottom line quickly exploit any opportunity to increase their revenue and profits as much as they believe the market will accept? We celebrate capitalism and then blame politicians and consumers when capitalists overreach.
oneunderscore__ Tide Unscented detergent (boxed) was $12.99 usd until about 2 months ago, when it jumped to $17.99 usd, an increase of 38%.
You don’t say!
We derive food,shelter and clothing from soil. But never ever returns even water back to it. It's geting damaged and dead. Let's reverse soil degradation. Please go through cpsavesoil for recent events Enrich soil SaveSoil policies are in formation need support. whd hvd
VassB 🙄
JordanUhl So, what we basically already knew. Corporate greed and unrestrained capitalism led to working class consumers being squeezed tighter than they already were. But right-wingers keep insisting to me that our measly government spending on social programs is what causes inflation 🤔
What a surprise..
Name and shame!
Did somebody informed Pierre Poilievre?
Loblaw shares have doubled since the start of the pandemic
No…..you don’t say!
Yeah, no shit. We've known that for months now.
I always take my financial literacy from an echo chamber for the Liberals. Of course monetary policy, government handouts, large deficits, supply chain problems, and the price of crude, couldn't have anything to do with high inflation. Just those evil businessmen!
At least Canadian media admits it. Meanwhile, in America…
Story reveals the nuance in the first line when it attributes barely a quarter of the price rise to profiteering. Meaning: 3/4 of consumer price inflation is due to something *other* than what you're sarcastically implying. Does anyone even read the articles anymore?
Oh really!! Imagine that!! And it's on a global level!! Great job at finally realizing this..
strombo *is attributable
The problem is that any tax on mega profits just get added to what the consumer pays. We need to stop idolizing material wealth
So....not Trudeau ,then ? 😉
Companies that have record profits should be forced to pay a much higher tax rate. If they lower prices and help consumers then they get a tax break. They can still make money but don’t need to be greedy and cause people to go without food or other necessities
strombo I don't know, I just know that bcuz I am allergic to wheat & milk that that fact alone doubles the cost of my food. But in 2019 the gluten free bread I buy here in Montreal cost $5, but in BC cost $9 for same loaf (brand based in BC); in 2022 that same loaf costs $8 in Montreal
strombo No shit
Hey MelissaLantsman...
Wonder if Pierre's read this?
'There is one and only one social responsibility of business–to use it resources and engage in activities designed to increase its profits...' ~ Milton Friedman Friedman? Sort of rhymes with Freeland
Corporate 🐖🐖🐖
Ya think?
I don't suppose demand, supply shortages or printing money has anything to do with it?
Same old same old
Stop buying things from big brands. shop local. prices are about the same anyways.
You people at the Toronto Star are 🤡s. This article should be in the comic section.
Of course there are.
No surprise!
WordsandGuitar Two years of Covid saw too many people talking about correcting income inequity. So, capitalism says, 'Oh yeah? Watch this.'
Sounds criminal and should be investigated and if found guilty everyone should get a rebate through governments fining companies for taking advantage of people and raising their prices when people needed help the most
Lol you needed a report to see that? Blind as a bat
What can we as consumers do about it? Elderly and families are going without simple foods like cereals. The CEOs receiving extra bonuses should be ashamed as the population starves FOR NO GOOD REASON
Definitely nothing to do with the Liberal spending…timing of “two new reports” is completely coincidental. Absolutely nothing to see here 🙄 wags
It doesn't help when the governments are in bed with the corporations does it?
What kind of socialist bullshit is this. Companies can't profit?
Capitalism 101. If there is any small reason to scream increase, do so and increase even more. Bottom line gets met faster if you gauge them during such a time and blame it on ' inflation '
Go figure. And here I thought it was all the PMs fault.
I don’t believe you! My splendid brain box of an MP PierrePoilievre has been telling us since 2015 that every single trouble in this universe incl inflation is 100% caused by JustinTrudeau. Surely, you’re not suggesting that PP is lying to us, are you?
And fordnation was going to deal with gouging . Y’a he said that .
Capitalism isn't it great!!! Especially when the corporation's own the government and the government works for them so they don't step in and stop this sickening criminal Behavior.
So, it's not Trudeau inflation? Or Biden inflation? So everyone telling us that, is just full of BS? It's really Excessive Corporate Profit? At least that makes sense. I don't like it, but it makes WAY more sense than blaming Trudeau or Biden.
Do you honestly think people are that stupid? Trudeau spent us in to the situation we are in right now - there is absolutely no way around that.
THIS JUST IN! Liberals conclude thorough investigation and find they have done nothing wrong! Film at 11.
Lemme guess.... a LPC report?
Very believable.
Nooooo shit Sherlock
😂 shocked! Not
Patrick_Johner It’s called profiteering, pandemic profiteering.
Tell me something I don't know! I've been posting on here for months how politicians have been using 'inflation' as a cover for extreme gouging especially at the pumps. Prices are still above $1.60/ltr when price per barrel has dropped below $100
Media are derelict in their duties if the don’t start all stories about inflation with JustIn. JustInFlation
girlziplocked It's because we have had a gang of criminals come through and steal their living. We now have to pay to cover the costs of those thefts.
No shit Sherlock. Public corporations have only one mandate and that is to make as much profit as possible for their shareholders. Conservatives, who are often funded by these corps, want to blame Trudeau do as to dupe Canadians. The truth lies in greed. Corporate greed
We know
AdamTwoNames Profit taking, rent seeking, capitalism SOP!
OMG
President Biden caused the inflation in Canada. The President is the cause of all problems in the world today. /sarc
Also today: Water: wet, Fire: hot and Chocolate: delicious.
JustCorporateProfiteering PierrePoilievre
Poor PierrePoilievre he will have to change his lame hashtag
It's called maximizing revenue and any excuse will do. Time honoured tradition
WithForethought CandiceBergenMP and PierrePoilievre this is what you should be talking about.
Of course they are...
Yeah $10 for 350g of Strawberries is totally the fair market value. 🤨
no shit
You mean it’s NOT “Justinflation”, but the direct result of corporate greed by some of the conservatives’ BIGGEST donors?
From the pages of 'Duh'. Companies, corporations, industry: All criminals. They take human misery and amplify it to make shareholders happy. Eat the rich. cdnpoli
gtlem No surprise there...
Yeah we know
They wouldn't do that would they? lol
Of course. Never discount malignant capitalism to shaft ppl.
kim_siever Most of my gov’t fees and taxes also went up more than inflation. Durables and consumables are only part of what drives inflation. Insufficient supply or heightened demand does it as well.
Why not do a real news story about what's actually going on in Ukraine
So price gouging in a pandemic.
Shocker
not a surprise.. my father went to buy meet at loblaws and it was ridiculous.. i went to costco same thing was less ridiculous so some companies are really gouging.
No shit
showdemandvalu1 Ahh the Kark Marx brigade is at it again. OK you could try price controls. Let's see how that works out. Supply and Demand can be a difficult concept. Supplies are tight everywhere due to covid global impact but sure it's those dirty capitalists.
BotheredBoy We've known this for months. Those companies were openly bragging about this in their earnings reports.
Duh no kidding
Cdnvotr ...an excuse is better than a reason...and most of these companies support the conservative party...why do you think they work so hard at electing Conservatives...conservatives are the party of the wealthy...
And this is surprising? 🙃YIKES
Didn’t Ford vow he would after anyone that was price gouging?
This story is locked. You should repost and open it up. This is a story, if true, that needs to be shared. It won’t cost you so much to let us read it. It’s a public service.
Good to have some data to demonstrate. Incentives for inflating prices beyond actual inflation are baked into the model: More profits = Higher stock prices + Executive compensation bonuses
Corporate greed, hard for governments to do much about that.
gouging is as old as the market
It's because shipping anything anywhere costs an arm, 2 kidneys and your liver. Lower the damn shipping costs!
No shit.... capitalism
Oh do Fuck off and employ some proper reporters. This 'mouthpiece for Trudeau' game is getting very old.
In other news, sky is blue. Water is wet. News at 11.
Nothing to do with government spending right?
You love to try make the government look good. Pure propaganda from the star as always
Would be great to hear what OntLiberal and OntarioNDP are going to do about this! Companies are causing the problem.
Wow, who would've thought that capitalism is predatory and exploitative?
If this is true, the government should be mandating price increase freezes
OMG what news...someone is raising their prices because they want to make more money. Guess people should stop buying those products or getting alternatives.
Nooooooo, really? Wow, blow our minds with the shock and awe at this revelation.
dah!!!
Thanks Captain Obvious! Greed and taking advantage of the pandemic.
No surprise here.
I’m gonna have to agree on this one!
Welcome to late-stage capitalism. This is a feature, not a bug.
We needed a report for this CBC globalnewsto CTVToronto REALLY You couldn't figure out that under the guise of supply chain euphemisms, they've being GOUGING us WAY beyond even normal profit margins. And they've been guffawing all the way to the bank 🤑 Canada
Of course
Boycott meat packers!
If you see someone stealing food. No you didn't.
wow no way. you’re telling me this now for the first time.
merry123459 No kidding?
Surprise! 😆
No shit, Sherlock.
Corporate greed needs to be addressed especially oil companies and banks.
And this is a surprise?
Bullshit
Living in Canada these past few years has been comparable to living in a third world country. Low wages, inflation, high prices, housing people can’t afford, high gas prices, hard government, etc. and I know what it’s like living in the 3rd world, I come from there.
PainterMom101 The greedy get greedier.
It's pretty darned obvious, and I think there's a political element too.
They have done so to the point that interest rates will be raised and a depression could be triggered instead of economic recovery. Penny wise and pound foolish.
Funny that people are bashing this report for it's accuracy. Hey everyone, sometimes news is 'obvious'. Sometimes news is factual, you know so people can read some facts. No, not everyone knows everything already.
That can’t be right, I mean the conservatives said it’s Trudeaus fault. There is no way that pent up demand, supply issues, a pandemic, war and corporate greed is causing inflation. No it’s Trudeau’s fault, Pierre even said so.
What the heck? Just google the definition of inflation and it is not like Shell did not explain it with examples yesterday!!! Ok, I googled it, socialist paper, figures
The CEO's and execs are rigging the system right in plain sight. Enough is enough.
The correct term is profiteering : the act or activity of making an unreasonable profit on the sale of essential goods especially during times of emergency
Does this surprise anyone Of course they are. It’s the oldest trick in the book. With inflation rhetoric being spewed out so often every company has a green light to gouge a little more and no one will even think twice.
No shit, Sherlock.
Big companies taking advantage of a bad situation? You don’t say..
Too bad all the restaurants that went out of business due to government policies never got a chance to raise prices
BCReality PierrePoilievre what say you!?
It’s gouging like never seen before by retailers and producers alike! It’s sad when companies are permitted to buy out competitors and get so big that the consumer do not matter anymore!
So price gauging and extreme profit making.
jkoblovskyca Took me about 2 minutes with Loblaw's financials to figure this out... years ago. They sprinkled nearly a billion dollars in profit taking across their books. Pay down a little debt here, stock buyback there, more cash on hand, extra expenses... yet stable profits
Ya think.
I’m shocked, just shocked I say.
We need to legislate against corporate greed. These billion dollar companies need to have checks and oversight.
BasicBc Corporate greed
GingerMEdwin Demand higher pay!
Roaming for Laurie.
DJDynamicNC Business trying to screw all of us to benefit shareholders and owners.
No chit, Sherlock! The shareholders come first and only the shareholders.... oh wait, except the top executive, they are in the same class.
Thats called PRICE GOUGING not INFLATION.
Everyone’s trying to make a buck now that they lost during Covid it’s shameful
I mean, most companies are pretty openly bragging to their investors about this. The language is barely even coded anymore.
Spell it out… G-O-U-G-I-N-G !!!!! 👎
Well duh! The consumer always gets hosed.
OH MY GOD THE PROBLEMS WITH CAPITALISM WERE THE CAPITALISM ALL ALONG!?!
If the price is too high from what it was in the past I just go without or until it is on sale.
That's what inflation is and has always been.
Really? That's what reports of record margins and record profits would suggest. Hey, PierrePoilievre and CandiceBergenMP, you might want to read this.
In other news water is wet
That’s a roundabout way of saying price gouging 🤷♀️
Oh i am shocked..not
Duhhhhhhh.
Of course they are.
It's insane how governments manage to use this ridiculous idea every time there's inflation caused by their actions. Zero accountability and a gullible populace is a dangerous combination.
Scumbags
GuidoMcDahl
PierrePoilievre soooo it’s not Justin’s fault?! youwillneverbeprimeminister
It’s not JustinFlation, it is corporate greed. cdnpoli
water is wet. its NeWs
Fucking Greed! If we could eliminate that this world would be a much better place!
Welcome to capitalism!
SAME COMPANIES CANADA AND THE US Same Companies are price gouging CANADIANs and AMERICANs making billions probably weekly if not daily a hand full of companies making large profits and killing the consumers
mairibabb1 So many individuals and families financially affected during the pandemic are still trying to get back their stability. No corporation should be making 'record profits', let alone bragging about it. Needs some serious investigation.
In other news, water is still wet.
Deplorable 🤮
Not surprised at all
Even Paul Krugman The Nobel prize winning economist agrees with this.
And Skippy PolyPoopPants blame this and everything else under the sun on Trudeau.....give us a break CPC_HQ
In Other News: Fire Hot, Water Wet - says 'experts'
YESSSSSS!!! This is the real issue! We need to cap price increases when we allow oligopolies to take place. That is the real issue now. We are not operating in a capitalist free market. The barrier to entry for most necessities is incredibly high now for new businesses.
Strengthen anti trust legislation NOW
PierrePoilievre So as the next PM, what would you do about this? Nothing, I suppose because it's Trudeau's fault, and it only affects us lowly minions...
Shocker. Corporate greed at an opportune time. Unfettered capitalism folks!
Thanks captain 👩✈️
SK8Wireless Truuuudeeeaaauuuuu!!!!
Something about the last capitalist and something about rope? I'll try and find the quote
Oh look the new empty shelves story.
And CandiceBergenMP blames federal budget
All corporations are evil, unethical, and bad for society. Disband all corporations.
Wait, Ric Romero does news in Canada now?
If only there were laws protecting the working class from corporations
Yep, everyone wants the money they lost for the last 2 years back
DDesBaillets GREED!
karonliu Clown news 🤡
LetsFishSmarter Well documented, by dividend increases, stock appreciation and exec bonuses.
You could have just said price-gouging (and “portion … is”). Would have saved space and been less awkward.
RagingLibNana Something we already knew
We knew this a month ago.
Price gouging! inflation pricegouging
Is anyone surprised by this
Duh! Price-gouging?
I’ve been practicing something called the ‘substitution effect’ and trust me, I know exactly who has been gouging in my food basket. Some of these product brands will never be in my home again.
20% inflation 80% greed
Say it. It's price gouging and corporate greed.
Obviously a free market will correct this. It’s called capitalism.
This is especially bad at balloon stores let me tell you.
Been saying it all along , it's pretty obvious to anyone with a brain really , Corporate Greed , 100% supported by every conservative , everywhere
Really? It has nothing to do with the Canadian and US government printing billions of dollars?
Anyone with a brain already knew this.
No. It's Trudeau having to print money to pay for the insane debt he has racked up!
If that’s true, that should be illegal and they should face serious fines!
Boy that sure doesn’t sound like capitalism
TaleFinn Naturally conservatives have decided health spending and social programs are the cause. Also, Pigeon has never had a real world job outside of partisan politics. cdnpoli
Not enough people are using their staff discounts at the self checkout
You might want to tone down the corporate gouging idea. These corporations exist mainly for us to binge eat due to the collapse of ecosystems and climate change. They perpetuate the suffering of animals, contamination of water resources & destruction of rainforests to name a few.
You don't say.
Progressives really need to hammer this message home. Cons are jumping all over the fact that inflation is here and it's hurting people. Their solutions are BS but people will vote for them unless progressive groups offer BETTER solutions. What's the OntarioNDP plan?
lindahaslett Shocking.
Can't wait to see if PierrePoilievre waits to call for a review until after the Conservative leadership campaign and vote are over...JustCorporateGouging?