Multinationals in particular hiked prices far above rise in costs to deliver an outsize impact on cost of living crisis, report concludes

  • Cyborganism@lemmy.ca
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    1 year ago

    I would love someone to include Canada in these studies. With significantly lower wages than in the US and with the many quasi monopolies in many sectors like telecom and grocery chains and food, I’d like to know how bad Canadians were affected.

    • Kovukono@pawb.social
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      1 year ago

      Apparently, at least for groceries, there’s an estimated extra $700/year increase next year, with food costs slowing to 2.5-4.5% increases in general, but sticking at 5-7% for bread, vegetables, and meat. It’s still going to cost an average 4-person family $16.3k a year for groceries, though (AKA just over half a full-time minimum-wage salary, prior to paying taxes).

      Metro reported a 14% increase in profits for their last quarter compared to last year, and Loblaw’s 11%. According to Google’s earning statements of the last year, Metro has made 27.4% more profits in the last four quarters than they reported in 2020. Loblaws, on the other hand, is actually down 12%, though Google reports they had two really bad quarters this year, and posted a 40% increase in profits between FY 2022 and 2020. So yeah, nothing as egregious as the article, but they’re still outpacing (year over year for the last quarter) both regular and grocery inflation.

      I’m sure if I really wanted to, I could dig up the same financial information for Soebys, but I have no clue if Walmart and Costco would keep clean financials readily available for Canada.

    • JackFrostNCola@lemmy.world
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      1 year ago

      Chiming in from Australia, our two main supermarket chains (practically a combined monopoly) turned bumper profits over the last year while inflation has been out of control.

      The only good news is one of the minor political parties is trying to push an inquiry into how they managed to make significantly higher than usual profits whilst customers are buying only the absolute essentials and farmers are saying that the price they get for groceries & meat hasnt gone up. However it is a minor party with some power, but not enough to force anything to happen without support from a major party and/or a lot of independants, so we will see how that goes

      • Cyborganism@lemmy.ca
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        1 year ago

        I feel like what happens in both Canada and Australia are like mirror reflections. Except you have a season where everything carries la catches on fire while ours everything freezes over.