Report: Canadian Finance Minister Urges Retailers to Slash Prices
Ottawa, Canada's finance minister called on wholesalers and retailers on Tuesday to lower their prices to make them reflect the new strength of the Canadian dollar, which is now stronger than the U.S. greenback, according to global news agency AFP.
To make his point during a news conference, Finance Minister Jim Flaherty held up a copy of a Harry Potter book that was bought in Washington over the weekend and said that the same one was 20% more expensive in Canada.
The Retail Council of Canada, however, said that businesses cannot lower their prices immediately because they must first sell off stocks that were purchased when the Canadian dollar was weaker than the U.S. dollar.
Wholesalers and retailers also argue that the prices reflect the higher transport costs and expenses to translate products into French or English because of the country's bilingual policy.