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Paying more for Thanksgiving dinner this year? You’re not alone

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A family having Thansgiving dinner
Grocery prices have gone up sharply in recent months — and that includes almost every item that’s part of the traditional Thanksgiving dinner. (Credit: iStock/Getty Images)

Denise Malette has noticed grocery prices rise over the past year, and it’s factored into her Thanksgiving plans.

Malette decided to host a “friendsgiving” potluck dinner Sunday, and was doing some last-minute shopping at an Ottawa Walmart to prepare.

“Us being hosts, we’re [covering] the meat and the potatoes and all that, and people are bringing appetizers,” she said.

While it takes a bit more co-ordination, Malette says a potluck dinner lets people bring food they enjoy making while also cutting down on her costs.

“There’s a bit of budgeting going about it, right? And making sure [guests are] comfortable paying a certain price [and can] pitch in with what we’re doing.”

It’s no surprise potlucks are in fashion this Thanksgiving, said Sylvain Charlebois, director of the Agri-Food Analytics Lab at Dalhousie University.

Prices for store-bought food rose by 6.9 per cent in August, Statistics Canada reported last month — down from an 8.5 per cent increase in July but still “elevated,” the agency said.

“I mean, everyone knows that food prices are higher,” Charlebois said. “So it’s not as uncomfortable to ask guests to bring a dish over along with them … just to share the financial burden of hosting.”

Aside from cranberries and tofu, almost all Thanksgiving dinner essentials are more expensive in 2023, Charlebois said.

The price of turkey, he said, has gone up about 18 per cent.

A woman standing outside of a grocery store.
Denise Malette decided to hold a potluck this year, in part because of rising grocery prices. (Safiyah Marhnouj/CBC)

Rising prices, Charlebois said, will lead other trends at this year’s festivities. For one thing, food waste won’t be as common.

“If you go out to buy a 15-pound turkey, chances are you’re gonna eat the whole thing,” he said.

With turkey costing more, people might opt for pork instead, or stick with turkey and cut back on trimmings or side dishes, he added.

Grocery chains promise to rein in prices

Canada’s five largest grocery chains have outlined plans to stabilize food prices to the federal government, Industry Minister François-Philippe Champagne announced on Oct. 5.

This comes after the heads of Loblaw, Sobeys, Metro, Costco and Walmart met with Champagne in Ottawa last month. The minister told them the government wanted to see their plans to stabilize prices by Thanksgiving.

The grocery chains are promising more discounts, price freezes and price-matching campaigns, Champagne said.

It’s all a relief to Sharon Goldhawk, who was also out shopping for Thanksgiving groceries on Sunday.

Her cart was filled with cookies, a turkey roll and two kinds of pie — pumpkin and strawberry-rhubarb — all of which Goldhawk said she found for better prices than she expected.

“I found the prices are improved. I’m very picky, I’m a comparison shopper. I kind of go up and down and look until I find the good price,” she said.

A woman wearing a beret standing outside of a grocery store.
When shopping for Thanksgiving essentials, Sharon Goldhawk says she was able to find items for a good deal by taking the time to compare prices and products. (Safiyah Marhnouj/CBC)

Goldhawk said she battles rising prices by hunting down good deals and adapting different shopping habits, like buying non-perishable items only when they’re on sale.

“Things that are fresh, it’s a different story. I tend to only buy what you can use, what you need for the week,” she said, adding she’s starting to buy more frozen food as well.

Goldhawk said she’ll be keeping a close eye on how grocery stores adjust their food prices, as they’ve promised.

“Go to another store, if you don’t see the price [you want], actually have them compete against each other. They aren’t competing as much as they should be.”

Several frozen turkeys being sold at a grocery store.
The price of turkey has increased by about 18 per cent. Rising grocery prices and inflation means Thanksgiving dinner might look different this year, Charlebois says. (Marta Lavandier/Associated Press)

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Cineplex reports $24.7M Q3 loss on Competition Tribunal penalty

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TORONTO – Cineplex Inc. reported a loss in its latest quarter compared with a profit a year ago as it was hit by a fine for deceptive marketing practices imposed by the Competition Tribunal.

The movie theatre company says it lost $24.7 million or 39 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $29.7 million or 40 cents per diluted share a year earlier.

The results in the most recent quarter included a $39.2-million provision related to the Competition Tribunal decision, which Cineplex is appealing.

The Competition Bureau accused the company of misleading theatregoers by not immediately presenting them with the full price of a movie ticket when they purchased seats online, a view the company has rejected.

Revenue for the quarter totalled $395.6 million, down from $414.5 million in the same quarter last year, while theatre attendance totalled 13.3 million for the quarter compared with nearly 15.7 million a year earlier.

Box office revenue per patron in the quarter climbed to $13.19 compared with $12 in the same quarter last year, while concession revenue per patron amounted to $9.85, up from $8.44 a year ago.

This report by The Canadian Press was first published Nov. 6, 2024.

Companies in this story: (TSX:CGX)

The Canadian Press. All rights reserved.

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Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

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TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

The Canadian Press. All rights reserved.

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Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

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ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

The Canadian Press. All rights reserved.

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