After meeting with the five largest grocery store chains this morning (Mon), Canada’s Minister of Innovation, Science and Industry says they have agreed to support the goal of stabilizing food prices. Francois-Philippe Champagne says he was pleased with the constructive tone of the meeting. Last week, Prime Minister Justin Trudeau said Loblaw, Metro, Empire, Walmart and Costco would need to come up with a plan by Thanksgiving to stop the escalating price of groceries or he would consider adding new taxes.

Minister Champagne also highlighted an announcement last week to reform competition laws which would include being able to block mergers considered anti-competitive and the ability for the Competition Commissioner to be able to subpoena information, if needed. He explains that a recent market study on food prices in Canada noted that the researchers lacked some information because it wasn’t being handed over. Champagne says the reforms will mean less consolidation, more competition and lower prices.

Finance Minister and Deputy Prime Minister Chrystia Freeland also attended the meeting. One her way in to the meeting, Freeland says the federal government understands that the two most important things for Canadians today are prices and interest rates.