"We want prices to come down": Grocery CEOs agree to work with feds to steady food prices

The CEOs of Canada’s five major grocery chains have agreed to work with the federal government to steady soaring food prices, says Industry Minister François-Philippe Champagne.

Champagne and Finance Minister Chrystia Freeland met with the heads of Loblaw, Metro, Sobeys, Walmart, and Costco on Monday to discuss skyrocketing grocery prices.

“I appreciate the constructive nature of the discussions we had,” Champagne told reporters after the meeting. “Bottom line is that they agreed to work with the government to stabilize food prices in Canada.”

Canadians are struggling with the increased cost of living, and in particular the price of food.

That’s why, this morning, I will be meeting with the CEOs of the 5 largest grocery chains to discuss concrete solutions to stabilize food prices.

— François-Philippe Champagne (FPC) 🇨🇦 (@FP_Champagne) September 18, 2023

Metro CEO Eric La Fleche reiterated to reporters after the meeting why grocery prices have gone up.

“Of course we want prices to come down,” he added. “It’s a global supply chain issue. We received thousands of cost increases, and that’s why prices have gone up in retail.”

He added that the discussions aren’t just about the retailers.

Sobeys CEO Michael Medline said the meeting was “very constructive,” but deferred questions to the politicians.

La Fleche and Medline were the only CEOs who talked to reporters, according to CTV News.

None of them gave specifics on when or how grocery prices would drop.

This meeting comes after Prime Minister Justin Trudeau gave retailers an ultimatum last Friday.

At the closing of the Liberal cabinet, the prime minister said the CEOs of Canada’s largest grocery companies must devise a plan to reduce food costs by October or face consequences.

In addition to the meeting with the retailers, NDP leader Jagmeet Singh introduced a bill in parliament that aims to “reign in corporate greed and stop grocery giants like Galen Weston from gouging you at the till.”

If passed, the bill would work to lower prices in three ways.

The first measure would increase fines for overcharging, price-fixing, and “other abuses of Canadian consumers.”

The second measure promises to close loopholes allowing companies to take advantage of anti-competitive behaviour.