Quebecers aren’t done with grocery price increases. This time, it’s not Statistics Canada that’s saying that, it’s Metro’s big boss.
“We’re still getting requests for price increases from our suppliers,” company president and CEO Eric La Flèche said Thursday.
The CEO, who rarely appears in public, was speaking on the sidelines of a Canadian Club conference in Montreal to mark the official launch of the company’s new loyalty program, i.
Photo provided by Canadian Circle
Accompanied by Metro CEO Eric La Flèche, Louis Morissette (right) took over the sub-questions and answers in Montreal on Thursday.
The year 2022 has seen record highs in price increase requests from suppliers with 27,000 at Metro alone. The good news: In 2023 the trend is downward.
“There are fewer and the amounts are smaller. “This is a sign that the situation is slowing down,” added Mr La Flèche, who was unable to give an exact number for the current year.
If not all requests are accepted, those listed on the consumer’s invoice will be considered.
According to Statistics Canada, food prices rose 9.1% in April compared to 9.7% in March.
A more subtle way for suppliers to raise prices is through redflation. The practice is to reduce the amount of product in the package without changing the price.
“I don’t know exactly how many providers do this, but there are and there were. We see it happening,” the Metro CEO admitted.
It ensures that the company negotiates in the best possible way. “But we don’t have the big end,” he pleads.