Loblaw has sheltered consumers from manufacturers\u0027 price hikes, executive says at corporate greed and food inflation committee. Read more.
and rewarding their shareholders at a time when grocery bills are rising at the fastest rate in four decades. Amid the blowback this fall, the House of Commons agriculture committee opted to investigate, vowing to summon grocery executives and other experts to explain why costs are going up while “while large chains are making profits.”Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.
Jodat Hussain, Loblaw’s senior vice-president of retail finance, said his company — controlled by the Weston clan, one of Canada’s wealthiest families — has been sheltering Canadian consumers from large food manufacturers that swarmed retailers this year, all looking to charge more at the wholesale level to recoup higher fuel and ingredient costs. But not all those requests for cost increases were justified, he said.
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