It’s clear greedflation: as inflation settles, food costs continue to soar making family grocery bills more expensive

Arafat Rahman

The Leader of Canada’s NDP Jagmeet Singh made the following statement following the release of the updated inflation rate:

“This holiday season, Canadian families are having to stretch their budgets even more as the cost of groceries and housing continues to skyrocket while inflation as a whole went down by 0.1%. As inflation continues to stabilize, food prices continue to go up: making greedflation clearer than ever.

While families change the way they shop for groceries – decide what they can and can no longer afford, whether or not to gather during the holidays because of increased food prices, skip meals altogether or visit a food bank – the rich CEOs of massive grocery stores are making millions of dollars in extra profits. In fact, Loblaws made an extra million dollars a day in 2022 while families paid higher grocery bills.

That is wrong. And what’s worse, the Liberal government continues to protect the profits of the ultra-rich, letting families figure it out on their own instead of doing something about it. And the Conservatives won’t do anything about corporate greed driving high grocery prices.

It doesn’t have to be this way. Governments can make different choices that work for people, instead of working for the ultra-rich getting richer at the cost of families.

I know who I fight for, and that’s you and your family. If I was prime minister, I would make different choices. I would make the big grocery chains making massive profits at the expense of your grocery bills pay what they owe to lower your costs. New Democrats will keep fighting for solutions that lower your costs and actually fight inflation, instead of making working families shoulder the burden of yet another crisis.”

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