The chief operating officer of Costco Wholesale Corp.’s international and Canadian division made the comments to a House of Commons committee studying food prices. 

Riel says that amid pressure on grocers to stabilize food prices, Costco has continued to invest in its private-label brand, Canadian suppliers and its employees. 

Like the other grocers, Riel says suppliers continue to come with requests to increase prices.

However, he says Costco doesn’t participate in the industry practice of freezing price requests for a couple of months over the holiday season. 

Instead, Riel says the company always looks for ways to lower prices and does what it can to mitigate price increases. 

This report by The Canadian Press was first published Feb. 13, 2024.

Sponsored

Trade Smarter, Today

With CIBC Investor's Edge, kick-start your portfolio with 100 free trades and up to $4,500 cash back.

About the Author

The Canadian Press

The Canadian Press

News agency

The Canadian Press is a national wire service that provides real-time stories for more than 600 media companies.

What to Read Next