Canada Bread fined $50M for bread price fixing, Competition Bureau turns to grocers
Bakery giant Canada Bread Co. has been fined $50 million after pleading guilty to its role in a criminal price-fixing scheme that inflated the price of bread in Canada for years.
It's the highest price-fixing fine ever imposed by a Canadian court, Competition Bureau Canada said Wednesday.
The settlement is a significant milestone in the competition watchdog's ongoing investigation into alleged bread price-fixing in Canada.
It comes as record food prices fuel consumer discontent with Canada's food industry and fan distrust of grocers.
Gas prices continue to surge higher in Canada, with more increases expected next week
Gasoline prices continued to trend upward across much of Canada over the weekend and experts warn more increases are coming this week.
National average gas prices rose to about $2.06 on Sunday, up almost three cents from the day before and 11 cents higher compared with a week ago, according to the Canadian Automobile Association.
"We're seeing gas price records repeatedly shattered across the country," said Dan McTeague, president of Canadians for Affordable Energy.