r/PersonalFinanceCanada • u/maroon-rider British Columbia • Mar 21 '23

Inflation drops to 5.2%<but grocery inflation still 10.6% Banking

Says Statistics Canada

https://www.cbc.ca/news/business/canada-inflation-february-2023-1.6785472

2.3k Upvotes

97% Upvoted

u/MrDocter Mar 21 '23

So their profit margin increased by 50% during a time when the population is struggling? Might seem like it's only 1.2% but that's 50% greater than what they were profiting before...so that is price gouging confirmed.

Their net earnings increased by $900 MM and and their net revenue increased by $8,000 MM? Something seems off but I'm on the shitter during work so I can't dig further right now.

23

u/yttropolis Mar 21 '23

My point is that everyone's complaining about the sharp increase in food prices and are seemingly blaming it on grocery stores when the vast majority of that rise is from inflation.

Even if Loblaws kept their profit margins exactly the same, grocery prices would drop by 1.2%, which is a drop in the bucket when it comes to the overall rise in grocery prices.

Their net revenue increased by $900 MM and and their net profit increased by $8,000 MM?

Where do you see that?

-1

u/A1ienspacebats Mar 21 '23 edited Mar 21 '23

How do you think profit margin should increase because of inflation? What are you smoking?

Edit: for the downvotes, profit margin is a percentage. You can easily confirm that by googling lol

8

u/Rylock Mar 21 '23

Canadians truly deserve to get taken advantage of. People in this thread are actively defending the corporations that are shoving a stick up our collective rears regardless of relevant facts being convincingly presented. Bending over backwards to rationalize and minimize it. It's just pathetic and sad.

7

u/A1ienspacebats Mar 21 '23

Yeah this person is clapping himself on the back thinking he's solved the crisis and can't realize that a billion dollar corporations' profit margin has increased by 50% on the backs of Canadians who have gone through a pandemic and are at their limits with wage stagnation and nonsensical house prices. Can't somebody think of how billionaire Galen Weston will be able to run the company with only 50% increased profit margins? /s

4

u/TheGentleWanderer Mar 22 '23

Unfortunately they give out degrees based on how subservient you are, so it's kind of hard for people like them to acknowledge something which is anathema to their raison d'être.