Loblaws said it will not be raising prices on No Name grocery items sold in Canadian stores until January 31. .“That could make a real difference in both your grocery bills and your peace of mind,” said Loblaws president Galen Weston Jr. in a Monday letter. .“You’ll know that if other food prices go up, No Name prices won’t…guaranteed.” .The letter said most food price increases are out of Loblaws’ control. It said grocery bills are higher because suppliers who make products are raising their prices. .The letter went on to say while Loblaws challenged price increases, the truth is most are reasonable. It added supplier costs are higher than they have been in decades. .Weston said none of these explanations “offer much comfort when you're worried about your family’s budget and uncertain how much you’ll need each month to pay for food.” .Loblaws will continue to lower prices to provide immediate relief from rising food costs. .Weston said while he does not know when high food prices will end, he knows “right now every cent matters.” .“It’s my hope that our No Name price freeze, along with our PC Optimum program and a determination to hold the line with our suppliers, will help make a meaningful difference to your grocery bill at a time when you may need it most,” he said. .Inflation in Canada rose 7% on a year-over-year basis in August, down from a 7.6% gain in July, according to data from Statistics Canada released on Sept. 20. .READ MORE: Inflation in Canada down to 7% in August.Grocery store item prices increased in August by 10.8%, rising at the fastest pace since 1981. Food prices continued to be affected by factors such as extreme weather, higher input costs, Russia’s invasion of Ukraine, and supply chain problems. .The food items seeing the largest price increase were condiments, spices, and vinegars (17.2%). This was followed by bakery products (15.4%), non-alcoholic beverages (14.1%), and fresh fruit (13.2%).
