(Ottawa) A Costco executive says the grocery retailer has reduced prices on hundreds of items since the start of 2023.
Costco Wholesale International and Canada executive vice-president and chief operating officer Pierre Riel made the comments to a House of Commons committee studying food prices.
Despite pressure on grocers to stabilize food prices, Costco continued to invest in its private label, as well as its Canadian suppliers and employees, Mr. Riel said.
Like other grocers, Mr. Riel mentioned that suppliers continue to ask for price increases.
However, he clarified that Costco does not participate in the industry practice of freezing price requests for a few months during the holiday season.
Instead, the company is always looking for ways to lower prices and doing what it can to mitigate price increases, Riel said.