Galen Weston under fire following new data about Canadian inflation
Statistics Canada released its latest data on inflation and the rate fell to 2.8% in June, putting it within the Bank of Canada’s target range.
Much of that slowdown is based on lower gasoline prices compared with last year, but Canadians are not seeing a slowdown at grocery stores, as prices rose 9.1% year-over-year, slightly faster than in May.
Canadians also have less to spend on food and other necessities, thanks to the Bank of Canada hiking its key interest rate to 5%.
And while Galen Weston is no longer president and CEO of Loblaw, he is still chairman of the corporation as well as chairman and CEO of George Weston Ltd. — which makes him the easiest person to blame for the cost-of-living nightmare many Canadians are currently facing.
It certainly doesn’t help that Loblaw, and other major groceries including Sobeys and Metro, continue to report record profits while shoppers struggle with rising costs in just about every sector.