Industry Minister François-Philippe Champagne says he is ready to announce the initial commitments he has secured from grocers to stabilize food prices.

The Liberal government last month called on Canada’s major grocers to present a plan to stabilize prices by Thanksgiving, or face consequences.

Champagne told a conference hosted by the Competition Bureau in Ottawa that the announcement is coming later today.

He is scheduled to hold a news conference alongside Finance Minister Chrystia Freeland and Housing Minister Sean Fraser this afternoon.

Grocery prices in August rose 6.9 per cent from a year ago, while the overall inflation rate was four per cent.

The Liberals are also pursuing changes to the Competition Act, which Champagne is calling a first step toward modernizing the law.