Canada's big grocery store owners agree to stabilize food prices but no promises to lower prices

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The CEOs of five of the country's biggest grocery chains have agreed to work to stabilize food prices after a meeting with the federal government.

Finance Minister Chrystia Freeland and Industry Minister Francois-Philippe Champagne met with executives from Loblaw, Metro, Empire, Walmart and Costco this morning.

Champagne says the grocers will now come up with individual plans for stabilizing prices.

They are not promising to lower prices, but Champagne says they will have to compete with one another.

Grocery prices rose 8.5 per cent year-over-year in July, much higher than inflation at 3.3 per cent.

Prime Minister Justin Trudeau said last week the government will ask the major grocers to come up with a plan by Thanksgiving, and tax measures could be brought in if the plan isn't good enough.