Prices of more than 1,500 own-label products will be frozen until the end of January at Canadian retail giant Loblaw, it announced today (17 October).
Amid food inflation in Canada of more than 10%, prices of all items sold under Loblaw’s No Name private label will be frozen until 31 January.
No Name is a budget Canadian brand launched in 1978 that sells household basics, such as bread and eggs, with distinctive yellow branding.
Loblaw’s move comes amid double-digit food inflation as store-bought food prices in Canada rose 10.8% in August. It was the fastest rate since 1981 when inflation was at 11.9%. The August figure compared to 9.9% in July – data for September is not yet available.
Canada’s consumer price index rose 7% in August, slowing from its 7.6% rise in July. Statistics Canada said this was “largely driven by lower gasoline prices in August compared with July”.
Condiments, spices, and vinegars were up 17.2% in August compared to the same period last year, bakery products by 15.4%, fresh fruit by 13.2% and dairy products by 7.0%.
Loblaw president and chairman Galen Weston said: “Anyone who regularly visits the grocery store knows that over the past year the cost of food has increased rapidly. Maddeningly, much of this is out of our control.
“That’s why, to help Canadians hit the brakes on food inflation, we are focusing on what is in our control.”
Loblaw is Canada’s largest food retailer. It recorded a CAD12.85m (US$9.37m) profit in its second-quarter results in June.
No Name items are sold in its 2,400 stores including Loblaws, Zehrs and Real Canadian Superstore.
