Finance Minister Chrystia Freeland says more competition is needed in Canada91ÂãÁÄÊÓƵ™s grocery sector as consumers grapple with the rising cost of living.
Speaking at a press conference in Mascouche, Quebec, Freeland said major changes are needed to Canadian competition law in order to help stabilize prices.
Her comments came after two of the country91ÂãÁÄÊÓƵ™s major grocers reported higher profits and sales in the most recent quarter.
As Canadians increasingly look to save money, Loblaw and Metro said they91ÂãÁÄÊÓƵ™ve been converting stores to discount banners and are seeing higher sales growth in private-label brands.
This fall, the federal government called upon the major grocers to stabilize food prices, and last month, Industry Minister Francois-Philippe Champagne announced that Loblaw, Metro, Empire, Walmart and Costco had presented their plans, which included discounts and price freezes.
The industry is also nearing the completion of a grocery code of conduct meant to provide guidelines for fair dealings between retailers and suppliers.
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