Living it Toronto is becoming increasingly expensive, so it’s nice to receive some news that residents of the GTA might get a break when it comes to buying groceries.
During the last year, food inflation reached peak heights. CTV reports that Galen G. Weston, executive chairman and president of Loblaw Companies Ltd. said that the grocery industry is “cycling” through unusually high inflation and that it will be a “Big force” behind the transition to declining food prices.
During last year’s period of inflation, customers were moving towards cheaper product. Loblaws is responding to the customer’s demand for cheaper products.
“We’re reducing prices to see if we can draw the customer back in,” CTV quotes Galen Weston.
Rival Metro has also indicated that growth in food prices has been slowing. Due to Metro’s great fourth-quarter profit increase, the grocery chain also denotes that it will pass savings onto customers.
Source: CTV News