Grocery Industry CEOs Unite with Government Officials to Tackle Food Price Stability

Top grocery CEOs have come together with government ministers to forge a collaborative effort aimed at stabilizing food prices across the country. Canada’s Industry Minister François-Philippe Champagne says that the CEOs have agreed to work with the federal government to stabilize groceries prices.

The industry minister accompanied with the Finance Minister Chrystia Freeland held a meeting with a number of chief executive officers from Metro, Costco, Loblaw, Empire and Walmart of September 18. Champagne revealed to reporters that they ‘have agreed to support the government of Canada in our efforts to stabilize food prices in Canada.’

Several factors have been contributing to a continuous rise of food prices the CEOs and federal ministers are joining forces to discuss strategies to mitigate the impact of rising food prices. The aim is to ensure Canadians continue to have access to a diverse range of affordable and high-quality food products.

As per the Industry Minister, these meetings are historic and constructive as he informed the grocery CEOs ‘in no uncertain terms’ that Canadians expect them to take action.

Last week, Prime Minister Justin Trudeau revealed the federal government is asking major Canadian grocers to come up with a plan by Thanksgiving to stabilize prices. Additionally, Trudeau warned if the plan won’t be good enough the federal government will step in and take further action.

In the beginning of the week, Trudeau has repeated his previous sentiments announcing the federal government is going to make sure the major grocers have a plan.

“Food is too expensive for too many families and (grocers are) making record profits,” said the Prime Minister.