The Retail Council of Canada has lashed out against criticisms that retailers are at fault for higher retail prices for imported consumer goods.
The RCC stressed in a statement that retailers can't reduce their prices because their costs for buying imported goods has not declined. The council blamed Canadian manufacturers, importers and wholesalers for higher consumer prices. RCC president Diane Brisebois said they "have retained the benefits of the appreciation of the dollar and have not passed the savings on to retailers and their customers."
The RCC claims that merchandise costs retailers have to pay for their products have been between 20% and 50% higher than prices offered to U.S. retailers.
The council has requested a meeting with the Canadian Manufacturers and Exporters, the Canadian Importers Association and the finance minister to discuss how prices can be reduced for retailers and their customers.
Despite the council's concerns, some of Canada's largest retailers have started lowering prices because of the high dollar. Zellers announced that it will be dropping prices for various products sold at its 298 stores across Canada as part of a new marketing campaign.
Earlier this week, Wal-Mart announced it was reducing the price of its video games in Canada in line with prices in the U.S.