Industry Minister François-Philippe Champagne has announced that he is ready to reveal the initial commitments he has obtained from grocers to stabilize food prices. Last month, the Liberal government called on Canada’s major grocers to present a plan to stabilize prices before Thanksgiving or face consequences. Champagne made this announcement during a conference hosted by the Competition Bureau in Ottawa. The official announcement is expected to be made later today.
In addition to Champagne, Finance Minister Chrystia Freeland and Housing Minister Sean Fraser will also be present at the news conference. The increasing grocery prices have been a growing concern, with a 6.9 percent rise in August compared to the previous year, while the overall inflation rate stood at four percent. The Liberal government is also making efforts to amend the Competition Act, which Champagne sees as the first step towards updating and modernizing the law.