Stabilizing food prices 'not like a switch you can flip': Industry Minister

Industry Minister François-Philippe Champagne says the process for stabilizing food prices is “not like a switch you can flip,” but rather one that will likely take weeks and months, after he announced an agreement with major grocers this week that he vowed will lead to steadier prices “soon.”

At this time last year, food inflation reached 11.4 per cent, the fastest rate of year-over-year growth in more than 40 years. It has since slowed — to 6.9 per cent in August — but it’s still well above headline inflation, which hit 4 per cent for the same month.

“If you say prices are going down, great,” he added. “What I'm saying is that we've been a catalyst to say, ‘you need to do more, and you need to do it now.’”The industry minister also said his government’s actions in the last few weeks were not influenced by the Liberals’ slipping popularity in the polls.

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