Loblaw has no plans to extend the price freeze on its No Name branded products, but pledges to keep prices on its Yellow Label products “as long as possible.”
A Loblaw spokesperson said in an email to CTV News on Monday, “The three-month price freeze will end on January 31st, but it’s not over yet.” By continuing to hold these prices and switching to no-name, the average family will save thousands again this year.”
Loblaw announced in mid-October that it was freezing prices on 1,500 products sold under its No Name private label. At the time, Roblox chairman and president Galen G. Weston said the average price of a basket of groceries had risen by about 10%, which he said was out of Roblow’s control.
Canadian retailers said on Monday that food inflation continues to rise, putting more strain on the company’s inventory shelves.
Inflation in the country slowed again to 6.3% in December 2022. However, according to Statistics Canada, food prices rose 11% year-on-year. This is one tick down from his 11.4% in November.
Canadian grocery chains have been criticized for making steady profits amid high inflation. Loblaw Companies Ltd’s third quarter earnings were up nearly 30% from a year ago. Quebec grocery giant Metro reported first-quarter profit of around 11%.
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Using files from The Canadian Press
