Canada’s Industry Minister François-Philippe Champagne announced that attracting new international grocers to Canada is one of the federal government’s top priorities for the year ahead. This is in response to the need to expand competition and drive down prices. He spoke about it as a three-day cabinet retreat was set to begin in Montreal with the entire federal cabinet in the city.
According to Mr. Champagne, there is a need for more competition in the grocery industry in Canada. He highlighted that just five companies account for more than 80 percent of the industry. In a bid to address this, he stated that talks with foreign grocers have become more promising after Canada made some changes to its competition laws.
The need to address the cost-of-living and other related issues tops the agenda as indicated in polls that show growing dissatisfaction among voters. With food prices remaining high and food inflation close to five percent, stabilizing food prices is a priority. The challenge of maintaining competitiveness in the economy as well as issues related to housing and immigration are expected to be discussed during the retreat.
Treasury Board President Anita Anand stressed that the government is committed to providing essential support to Canadians amidst high inflation and interest rates. Programs such as the Canada Child Benefit, $10-a-day childcare, and affordable housing are among the measures they are focusing on. The cabinet members were set to hear from experts on various topics on different days of the retreat, including the economy, housing, and U.S.-Canada relations.
Economists warn of a potential mild recession in Canada in 2024, adding pressure on the government to alleviate economic woes. There are concerns about interest rates and the impact on mortgage renewals for Canadians. These economic concerns will be further analyzed, and experts will present their forecasts and insights.
Housing and immigration will be central to the discussions, with a focus on addressing Canada’s significant housing shortage. With a target of welcoming 485,000 new immigrants this year, the government is under pressure to address the impact of immigration on the housing crisis.