The federal government held a meeting in Ottawa with top executives from Canada’s five largest grocery chains to find ways to stabilize food prices.

The office of Federal Industry Minister François-Philippe Champagne told CBC News that the CEOs of Loblaw's, Sobey's, Metro, Costco, and Walmart were invited to Ottawa to attend the meeting in person on Monday.

Champagne's office also said that invitations were sent to the CEOs on Thursday afternoon, as Trudeau was issuing new austerity announcements following the Liberal caucus meeting in London.

Trudeau said on Thursday that it is not right for our largest grocery stores to make record profits while Canadians struggle to eat.

The Conservative Party has continually targeted the Liberal government over inflation and the shortfall in austerity. The popularity of the Liberals in current polls has reached its lowest level since Trudeau's government first took power in 2015.

Trudeau also warned on Thursday that if grocery store owners cannot come up with plans to stabilize food prices by Thanksgiving, we will take action and do not rule out any measures, including tax measures.

The Competition Bureau found in June that the grocery sector in Canada is not very competitive and is dominated by three local companies. The bureau has asked the government to encourage new entrants into the sector to lower prices.

After a review that lasted for months, the Competition Bureau concluded that the grocery sector in Canada is primarily controlled by three Canadian companies, Loblaw's, Metro, and Sobey's, and two foreign companies, Walmart and Costco.

The federal government also announced legislation granting more powers to the Competition Bureau to ensure that corporate mergers do not negatively impact the profitability of goods and services.