The CEO of Canadian grocery chain Loblaw (TSX:L) Per Bank has warned shoppers that prices will increase in the coming weeks as Canadian tariffs on US imports begin to affect a growing number of products on store shelves.
Currently, just over 1,000 products at Loblaw stores are impacted by tariffs, but that number is expected to triple within weeks and could exceed 6,000 within two months, Bank said in a LinkedIn post.
“While the tariff situation might be improving between the U.S. and other countries, that’s not yet the case here in Canada. In fact, we’ll be facing a large wave of tariff-related increases in the weeks ahead,” he said.
While that’s still a fraction of the approximately 80,000 products the grocery giant carries, key consumer categories like natural foods, pantry staples, and health and beauty products will be among the most affected.
“We’re doing everything we can to manage the situation,” Bank said, noting that the company is marking tariff-impacted items with a “T” symbol to help customers make informed decisions.
Loblaw is also ramping up efforts to source more Canadian and non-US goods to reduce its reliance on American imports.
While meat prices have already climbed due to a mix of tariffs, supply shortages, and broader agricultural challenges, Bank said the broader wave of price increases is just beginning.
Some products, like coffee and liquid eggs, are being hit hardest. Coffee prices could rise as much as 82% due to layered tariffs on beans and finished products, while the cost of imported liquid eggs is also climbing,which could impact the price of baked goods.
Bank also expressed cautious support for the federal government's decision to focus its counter-tariff measures on finished goods rather than raw materials, a move he said would help mitigate further cost increases for manufacturers and retailers alike.
“It’s been good to see Prime Minister Carney and other leaders engaging in dialogue with U.S. officials, as we’re all hoping for a rapid de-escalation of this situation,” Bank said.