Canadian grocery giant freezes prices
There will be no price increases for the holidays.
Major Canadian retailer Empire has confirmed that it will extend a price freeze on a range of products between November 2023 and January 2024. The company's outlets operate under the familiar Canadian brands of Sobeys, Safeway, IGA, Foodland, FreshCo, Thrifty Foods, Farm Boy, Longo's and Lawtons Drugs.
Prices will not be raised on a total of 20,000 assorted items in the brand's own packaging. The company noted that almost every year they freeze prices during the holiday period from November to January, but for a much smaller number of items:
"This is a meaningful step-up from prior years and has resulted in cancelling price increases on approximately 1,700 additional products initially planned to occur during this timeframe," said an Empire spokesperson.
The price freeze is already an irreversible decision that will not change regardless of what happens to the economy in general and the market in particular. In addition, Empire said it is now developing a strategy to contain price increases beyond that period, starting in February 2024.
Earlier, the federal government issued an ultimatum to large grocers, saying they must submit plans to stabilize grocery prices or face strong tax measures.
The state's negotiations with grocery giants have become the answer to skyrocketing prices. Food prices rose by 6.9% in August 2023 compared to August 2022.
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