Walmart and Costco in Canada not making food inflation worse, experts say
CTV
Experts say the Canadian presence of American retail giants such as Walmart and Costco isn't likely to blame for rising grocery prices. That's despite Canadian grocery chain executives having pushed for MPs to question those retailers as part of their study on food inflation.
Experts say the Canadian presence of American retail giants such as Walmart and Costco isn't likely to blame for rising grocery prices.
That's despite Canadian grocery chain executives having pushed for MPs to question those retailers as part of their study on food inflation.
University of Toronto economist Ambarish Chandra called ongoing hearings before a parliamentary committee studying the issue, "performative," saying all retailers seek to maximize profits despite their stated efforts to minimize price hikes.
"It's easy to call on the foreign companies and make them explain why they're fleecing hardworking Canadians," said Chandra.
"It's not as though American grocers are taking advantage of Canadians and Canadian grocers aren't. The grocers are going to charge what they can get away with, what the market will bear."
His remarks come as Canadian grocers and consumersare under pressure as food prices continue to skyrocket despite overall inflation easing in recent months.
Grocery prices were up 10.6 per cent in February compared with a year ago, while overall inflation was 5.2 per cent. The grocery inflation rate was down from an 11.4 per cent year-over-year increase in January.
