The food going into grocery store shopping carts in Canada is changing as many consumers struggle to afford basics amid a nearly 10 per cent increase in food costs, the head of one of the country's largest supermarket chains said Wednesday.
“We are seeing double digit rates of inflation on basic commodities like eggs, flour and meat,” Michael Medline, president and CEO of Empire and Sobeys, said during an earnings call.
Both Loblaw Companies Ltd. and Metro Inc. shared similar details on shifting shopping habits in recent months. Sales in the 14-week period ending May 7 totalled $7.84 billion, up from $6.92 billion, helped by the additional week of operations, the acquisition of Longo's, higher fuel sales, increased food inflation, and the expansion of FreshCo in Western Canada and Farm Boy in Ontario.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sobeys parent Empire boosts dividend after growing profits in latest quarterHigher fuel sales and increased food inflation helped lift revenue
Read more »
Air Miles hits turbulence after Sobeys and Safeway pull out of program | CBC RadioThe long-running Air Miles rewards system is facing turbulence after the withdrawal of one of its only remaining national grocery chains from the program, say experts in the Canadian loyalty points industry.
Read more »
FED UP WITH INFLATION: Grocery shoppers adjust to punishing prices“I\u0027ve stopped eating some things. Unless it’s a treat\u0022: shopper
Read more »
Inflation skyrockets to highest level in nearly 40 years as gas prices soarSoaring gas prices helped the annual inflation rate in May soar to its highest level in nearly 40 years.
Read more »