Food Prices are Falling in Brampton
With day to day life becoming increasingly more expensive, it’s nice to know that something isn’t going up in price.
According to a recent Canadian Press article, food prices—especially those for meat—are falling from recent highs.
The good news came from Metro and Loblaw, who both recently reported strong quarterly results.
"We lowered prices and consumers responded," said Galen G. Weston, executive chairman and president, Loblaw Companies Limited.
The CP also reports that during a conference call with analysts, Weston said, “during the quarter, we saw the grocery market shift from an inflationary environment to a deflationary one."
According to the CP, inflation was high in the third-quarter of last year and during that time, the brand noticed shoppers were gravitating to less expensive items.
“We’re reducing prices to see if we can draw the customer back in,” Weston said, as reported by CP.
Loblaw isn't the only company noticing the change.
The CP also reports that Eric R. La Fleche, CEO and president of Metro, said that meat has come down in price year-over-year.
Since it appears that the falling prices aren't really hurting grocers' bottom lines, it looks like they'll continue to provide competitive prices on products that customers were spending more on just year or so ago.
Considering the fact that Loblaw and Metro tend to be pricier, the news is certainly good for residents who would normally avoid the stores due to budgetary constraints.
So, Brampton, what do you think? Will this news entice you to shop at Loblaw and Metro more often?