The Canadian grocery and pharmacy chain has seen price hikes more than double what is typical so far this year to the tune of nearly $1 billion, said CFO Richard Dufresne in a call with analysts after the company reported its first-quarter earnings and an adjusted profit increase of 10 per cent. (The Globe and Mail)

Talking point: President Galen Weston said the company wanted to call out “one of the big drivers of cost inflation that we are seeing.” He, along with other Big Three grocery executives, have refuted accusations of profiteering as food costs skyrocketed. In response to high inflation, the federal government has been working with the industry to create a grocery code of conduct. Weston highlighted higher-than-expected “cost pressure” from large consumer-packaged-goods companies, and said the company isn’t passing all the costs down to customers. Loblaw announced in April that Per Bank, the outgoing CEO of a Danish retailer, will be the company’s new CEO and will replace Weston as president by the first quarter of 2024.