Canadian Minister Calls CEOs to Promote Investment and Increase Grocery Competition to Lower Prices Amid High Inflation

Canada's industry minister is calling global CEOs to promote investing in Canada to increase competition and lower prices, including in the grocery sector.

The move comes as inflation continues to impact Canadians, and a recent study said more competition is needed in the grocery industry to lower food prices.

The minister met with major Canadian grocery retailers and secured commitments for discounts and price freezes to help lower costs.

Other government actions planned include a Grocery Task Force, Code of Conduct, better data sharing, and modernizing the Competition Act.

The minister says increased competition is the long-term solution to stabilizing and lowering prices, but it will take time to see results.