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Jagmeet Singh says grocery chains are ‘profiteering’ amid inflation. Is it true?

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Jagmeet Singh is calling out Canada’s major grocery chains for making record profits amid soaring inflation, which he calls “profiteering.”Speaking to Global News Radio 640 host Greg Brady Tuesday, Singh accused corporate grocers of “gouging” Canadians with marked-up food prices while still reporting higher profits, which he says doesn’t add up.“If you’re increasing prices to offset increased costs, they would have the same level of profit,” he said. “But we’re seeing a significant increase in their profits.“It shows that they’re just gouging Canadians at this difficult time.” Global food, fuel prices won’t ease until 2024 due to Ukraine war: World Bank On Wednesday, Singh called for an “excess profits tax” on major grocery chains and oil and gas companies, expanding the Liberals’ plan to place a higher 18 per cent tax on bank profits exceeding $1 billion.The NDP say the revenue collected from their proposed tax would help raise the annual GST tax credit and Canada Child Benefit by $500 each per year.“Why is it that wealthy companies get to make more, and families have to suffer, and why do governments allow that to happen?” he asked.“The whole point of government is to level that, to ensure companies aren’t gouging or exploiting a difficult time.”A look at the latest earnings reports from the three major grocery chains — Loblaw, Empire Co.

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