Canadian Finance Minister Freeland said government will do all it can to stabilize prices

The comments came in reference to Industry Minister François-Philippe Champagne and Finance Minister Chrystia Freeland meeting on Monday with the heads of Canada’s five largest grocery chains.

The 5 chains have “agreed to work with” the federal government to stabilize food prices said Champagne. More:

• “As you would expect, those are difficult discussions but much-needed discussions at a time that Canadians are feeling the high prices of groceries,”
• “I appreciate the constructive nature of the discussions we had. Bottom line is that they agreed to work with the government to stabilize food prices in Canada.”

Stabilzing prices would further support the Bank of Canada remaining on hold.

The latest from the BoC:

• Bank of Canada holds rates at 5.00% as expected
• Bank of Canada left 5% overnight rate unchanged, RBC expect it’ll stay there through 2023
• BOC’s Macklem: We are concerned that progress in bringing down inflation has slowed
• Macklem Q&A: Maybe we don’t need to do more, maybe we do’ on interest rates

This article was written by Eamonn Sheridan at http://www.forexlive.com.