The leaders of Canada's major grocery chains insist that food price inflation is not caused by profit-mongering.
The CEOs and presidents of Loblaw, Metro and Empire -- which operates chains including Sobeys, Safeway and FreshCo -- say their margins on food-related profits have remained low.
They appeared yesterday before a parliamentary committee that is studying inflated grocery prices that were up 11.4 per cent in January compared to a year ago.
Federal politicians, including Finance Minister Chrystia Freeland and N-D-P Leader Jagmeet Singh, have called for the industry to be more transparent about what is driving its record-high profits.
All three grocery chain leaders told members of Parliament that food inflation is a global problem.
Galen Weston, the billionaire chairman and president of Loblaw, says the company has made bigger profits off financial services and apparel and pharmacy sales, which he says represents more than half of its business.
Weston says profit margins are being outpaced by food prices, and his company earns only one dollar in profit for every $25 spent on groceries.