Canada's New 'Grocery Code Of Conduct' Means Your Shopping Bill Could Get Cheaper

High grocery store prices in Canada are something nearly every Canadian has had to contend with over the last year or so.

However, shoppers are set to see the high cost of groceries in Canada addressed, as the government has been prompted to take action.

On January 13, Agriculture and Agri-Food Canada released a statement introducing a brand new "Grocery Code Of Conduct," which is the first of its kind in the country.

While the exact details have yet to be released, the government says that developing the code of conduct will enhance "transparency, predictability and fair dealing" in Canada's grocery industry, while also making our "food supply chain more resilient."

This statement outlines that this code will be a way for Canada to address issues within the grocery and food industry and set up checks and balances to benefit consumers and food businesses.

According to the Financial Post, five of Canada's largest grocery store chains control 80% of sales and this code of conduct could "mute the country's grocery oligopoly."

And, in a comment to CTV News, Agri-Food and Analytics Lab Director at Dalhousie University Sylvain Charlebois said that this could mean more suppliers looking to distribute in Canada, which would lead to more competition and, ultimately, lower prices.

However, exactly when the code of conduct will be implemented remains unconfirmed.

Agri-Food and Agriculture Canada is asking for all Agri-Food organizations, which include interest councils like the Canadian Dairy Commission and food suppliers, to participate in the upcoming consultations to "benefit the largest number and variety of businesses."

This new code won't have power over all aspects of Canada's food supply chain, unfortunately.

All existing pressures on Canadian food can't be addressed, according to the feds, as they are "very complex" and include a "variety of conditions and perspectives."

Grocery stores have become more of a focus for the federal government and members of parliament over the last few months.

In October, the feds announced they were investigating grocery store chains in Canada, with a particular focus on "greedflation" — unfairly raising the price of products despite record profits — in our nation's supermarkets.

And for some Canadians, this correction can't come soon enough, with so many essentials becoming increasingly unaffordable over the past year.

This article's cover image was used for illustrative purposes only.