The latest StatCan data about inflation in Canada has just been released, and as the public continues to chatter away about the nation’s bonkers prices for basic necessities and stress-inducing cost of living in general, the name of everyone’s most-hated (former) CEO, Galen Weston, is coming up.
According to the Consumer Price Index for June 2023, prices are up 2.8 per cent compared to the same time last year, which is a deceleration in the rate of overall inflation, but still means steeper bills than consumers may be used to at the cash register for all types of goods and services.
That’s hardly what was said. The fact of the matter is, inflation is down to 2.8% despite groceries being still 9%, which is indeed included in the numbers. Again, talk to Galen Weston, and the other chains that own all the grocery stores, and droughts and heat of course.
— bill johnstone (@billjohnstone16) July 18, 2023
After inflation hit record highs and kept on rising, it began to slow pace last year, with prices still up year-over-year but, thankfully, not month-over-month.
After the index — the change in pricing of select items in Canada from one year to the next — spiked to 4.4 per cent in April (up that much from the same time last year and 0.1 per cent from the month prior), it dropped slightly to 3.4 per cent in May, and now 2.8 per cent in March.
This marks the lowest figure in more than two years and is a promising sign, especially in the face of yet another recent lending rate hike from the Bank of Canada, but for residents who are not able to make ends meet, the price of everything still surging, but just at a slower pace than earlier months, is not exactly good news.
My wife works for a very popular food provider ..she says Galen Weston is lying he has huge margins! Look at all the money they made during Covid!
— The guy (@Myrightearhurts) July 18, 2023
There is also the very unignorable fact that while some things have fallen in price substantially in recent months, groceries have not: gas, for example, now costs 21.6 per cent less than it did last June, while grocery prices have jumped a whoppiong 9.1 per cent in the same time.
This is yet another month of food not only being more expensive, but food inflation in particular being substantially higher than general inflation, sparking questions and ire about Loblaws and other supermarkets potentially price-gouging and profiteering off inflation.
The retailer, along with Metro and Sobeys, is being investigated by The Competition Bureau of Canada and also the House of Commons Standing Committee on Agriculture and Agri-Food, the latter of which called Loblaws oligarch Weston to testify on the subject of food price inflation earlier this year.
Though Weston is no longer the president and CEO of the supermarket giant and was replaced by a man peculiarly named Per Bank, he is still chairman of Loblaw and chairman and CEO of George Weston Ltd.
Seems to be. if the price increase you pass to your customer is the same price increase that was passed to you then there should be no change in profit.. but 30% more? then thats just pure evil!
— Mohammed Orak (@Ren_Man32) November 16, 2022
As we all well know, Loblaws’ profits soared and Weston kept raking in the dough as the average citizen was struggling with the health crisis, resulting lockdown, and keeping up with rapidly climbing costs for not just housing in the city, but for basic pantry and fridge items at their local store.
Monopolistic oligarchs do not play by the rules of competition
— Ottawa centric (@CentricOttawa) July 18, 2023
As people resort to stealing en masse to get a reasonable bang for their buck, we’ll see what, if any, punishments supermarket executives will face as a result of the ongoing look into their prices and practices.