Costco has not sought to increase its profits amid rapidly rising grocery prices in Canada, said Pierre Riel, the executive vice-president and chief operating officer of Costco Wholesale International and Canada, in front of a parliamentary committee…
Costco has not sought to increase its profits amid rapidly rising grocery prices in Canada, said Pierre Riel, the executive vice-president and chief operating officer of Costco Wholesale International and Canada, in front of a parliamentary committee studying food inflation.
Early in March, the heads of Loblaw, Metro and Empire, the largest Canadian grocers, told MPs that food inflation has not been caused by profit-mongering. “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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