In August, food prices rose by 6.9 percent compared to last year, while the overall inflation rate was 4 percent.

Minister of Industry François-Philippe Champagne said on Thursday that the five largest grocery chains have submitted plans to stabilize food prices to the federal government.

Champagne met with the heads of Loblaw, Sobeys, Metro, Costco, and Walmart in Ottawa last month. He told them that the government wants to see their plans to stabilize prices by Thanksgiving.

Champagne also said on Thursday that grocery chains are promising more discounts, price freezes, and price-matching campaigns.

He added that these measures will bring a much-needed [and] more competitive marketplace, and it is clear that the winners will be Canadians, adding that Canadians should expect to see grocery stores start rolling out these plans within days.

In August, prices for food purchased from stores rose by 6.9 percent compared to last year. While this is still roughly double the overall inflation rate of 4 percent, it represents a decrease from the recent peak of over 11 percent.

As the promised Thanksgiving deadline approaches, Minister of Innovation François-Philippe Champagne said he has secured commitments from Canada’s five largest grocers to stabilize prices through a five-step framework.