Grocery CEOs meet with federal ministers, agree to work to stabilize food prices
Top executives from Canada's major grocery chains have agreed to work with the federal government on stabilizing prices, but few details have been divulged about how that will be achieved.
Industry Minister Francois-Philippe Champagne and Finance Minister Chrystia Freeland met with executives from Loblaw, Metro, Empire, Walmart and Costco on Monday morning.
Prime Minister Justin Trudeau announced last week that Ottawa is asking major Canadian grocers to come up with a plan by Thanksgiving to stabilize prices.
The Liberals haven't indicated what they would like to see the grocers do or how these chains could bring stability to grocery prices.
Instead, Champagne said in French that he wants the grocers to come up with their own individual plans, so as to protect competition.
Grocery prices rose 8.5 per cent year-over-year in July, running much hotter than overall inflation at 3.3 per cent.