Ontario residents enraged after Metro announces upcoming grocery price hikes
Ontario consumers have had enough of the appallingly high cost of just about everything in the province these days, and Metro is the latest retailer that is getting flack for raising its prices.
The CEO of the supermarket chain informed the public this week that prices for some goods across its more than 320 stories nationwide will be climbing higher starting next week.
The reason? The end to the industry’s blackout period, a three-month span during which supplier prices are frozen each year.
Metro’s CEO announced today food prices will increase starting next week as the annual three-month price freeze with suppliers comes to an end…Good grief.
Utter nonsense.
This “upstream collusion” deal with suppliers is unnecessary in 2024.
Needs to stop @FP_Champagne.
— The Food Professor (@FoodProfessor) January 30, 2024
Metro says that sudden increases on the supplier side of things, which executives deemed “too high and hard to justify” in a news conference on Tuesday, will mean a potentially dramatic jump in costs to the consumer starting in February.
But, residents who have struggled to cover basic bills amid peak inflation post-COVID have no sympathy for the few grocery giants dominating Canada’s industry and raking in profits lately.
Love hearing about the expected price increase on groceries after the blackout period. Long have these food conglomerates suffered on measly $200M+ quarterly profits. Thank you Metro for your *checks notes*…concerns. #ONpoli #canpoli
— James Blacklock (@knucklestrains) January 31, 2024
Metro specifically reported more than $1 billion in earnings from a whopping $20.1 billion in sales last year, which included a 31.7% spike in gains in the last quarter alone (compared to Q4 2022).
This was all while unionized workers were on strike, demanding better pay, benefits, and work hours — and while food bank usage soared.
Tough to do, everyone wants to boycott Westin too…..what’s left?
— ConcernedCanadian (@Concerned4Can) January 30, 2024
While some are calling for a boycott of the brand, others have pointed out how hard that is to do given the lack of competition in the industry and the equally exorbitant prices at chains like Loblaws.