Costco executive tells MPs it has not sought to increase profits amid inflation cdnpoli
“The final price our members pay for food is dependent on many factors at each stage of the supply chain,” said Riel, including farmers, processors, distributors, global commodity markets and world events.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
“Our presence provides Canadian consumers with a different option,” said Riel, adding that he believes in order to meaningfully affect grocery prices, each participant in the supply chain has a role to play.The Bank of Canada raised interest rates at a breakneck pace over the past year in an effort to quell inflation, but food inflation has been persistent.
Conservative MP Lianne Rood questioned Riel about whether Costco imposes fees, penalties or chargebacks on its suppliers.
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