Grocery prices will soon see stability: Champagne

Canadians may soon see grocery prices stabilized.

This has been announced by Industry Minister Francois Philippe Champagne on Thursday.

The minister said that major grocery stores are going to take steps to control prices and Canadians can expect to see a reduction and stabilization of food prices soon.

Loblaw's, Metro, Empire, Costco and Walmart have agreed to control grocery prices, resulting in lower grocery prices, Champagne said.

He said that this is the initial step towards providing relief to Canadians, the government will do more.

Prime Minister Justin Trudeau gave major grocers like Loblaws an ultimatum to come up with a plan to cut prices by Thanksgiving and said the government would tax their profits if they didn't.

Negotiations with grocers were entrusted to Industry Minister Francois-Philippe Champagne, who held several rounds of meetings with top officials of grocery chains.