Grocery prices rose 8.5 per cent in July, showing signs of slowing price growth. For months, food price inflation has outpaced overall inflation, which was 3.3 per cent in July. A person leaves a Toronto supermarket with groceries on Wednesday, Oct. 5, 2022. THE CANADIAN PRESS/Alex Lupul
LONDON, Ont. – Prime Minister Justin Trudeau is calling on grocery executives to come up with a plan to stabilize food prices or face actions that could include tax measures.
He says the government will be asking the five largest grocery companies including Loblaw, Metro, Empire, Walmart and Costco to come up with a plan by Thanksgiving.
The call comes as grocery prices rose 8.5 per cent in July, showing a slight easing of price growth.
For months on end, food price inflation has outpaced overall inflation, which was 3.3 per cent in July,
Major grocers have faced accusations of profiteering as food prices have climbed, though executives from Loblaw, Metro and Empire denied these allegations before a parliamentary committee studying food inflation earlier this year.
An industry committee has been working on a grocery code of conduct that aims to level the playing field along the grocery supply chain in Canada.
This report by The Canadian Press was first published Sept. 14, 2023.
Companies in this story: (TSX:L, TSX:EMP.A, TSX:MRU)
