Canada Bread fined $50M in price-fixing bread scandal CanadiansInvest
For the first time in nearly six years, notable progress has been observed in the investigation of price-fixing in the bread market, initiated in 2015.
Previously, Loblaws, together with Weston Bakeries, confessed their involvement in the bread scandal, with Loblaws extending an apology to all Canadians in the form of a $25 gift card. That was in 2017. Since then, no significant developments have transpired. That is, until now. While the blame for inflated food prices in recent months has been unjustifiably directed at grocers and the food industry, the bread story is different. Food inflation is a global phenomenon that affects the entire food ecosystem. However, the Canadian food industry exhibits a culture that inherently justifies collusive thinking and unsound price co-ordination.
Ironically, it is a Mexican-owned company, Grupo Bimbo, that has assumed the responsibility of rectifying the misconduct within Canada’s food industry. Among the entities involved in the investigation, Grupo Bimbo stands as the sole foreign-owned company, thus signifying the need for Canada to rectify its shortcomings. However, one can question why it took almost six years after Loblaw’s admission before the Mexican group decided to admit guilt.
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