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Stabilizing grocery prices ‘not like a switch you can flip’: Minister

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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.”

Champagne and the federal government have been promising action to address grocery costs for weeks, and set a deadline for the CEOs of Canada’s five largest grocery chains to come up with a plan to “stabilize” prices by Thanksgiving.

This week, Champagne said Canadians will “soon” start to see grocers taking certain measures to address prices — including price freezing, price matching, and discounts on certain products — but he didn’t say by what metric shoppers can judge whether the plan is working.

Champagne also told CTV’s Question Period host Vassy Kapelos, in an interview airing Sunday, the process of lowering prices will likely go on “for months.”

“It’s not like a switch you flip and you say, ‘oh, it’s Thanksgiving, and suddenly everything is solved’,” he said. “I’ll be on their back for months.”

“This is day four,” he added. “This is just an initial set of measures. This is an ongoing process.”

Champagne emphasized that the Thanksgiving deadline was one for grocers to come up with a plan, not to actually achieve stabilized prices by this weekend.

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.

Meanwhile, the Liberals are pushing ahead with changes to Canada’s Competition Act through Bill C-56, the so-called Affordable Housing and Groceries Act, which aims to strengthen protections for Canadians when it comes to the country’s grocery sector competition.

There are also plans in the works to establish a grocery “code of conduct” to support fairness and transparency in the sector.

But when pressed on whether the federal government should have acted sooner to implement those measures, taking into consideration the amount of time food prices have been at record-setting highs, and that they appear to now be coming down slowly, Champagne said it’s “not about credit.”

“I’m saying if things happen, and we push them and we continue to push, then we’re all better off,” he said.

“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.

Recent data from Nanos Research shows if a federal election were held now, the Conservatives would win enough seats to form a majority government.

But Champagne said the numbers are not what pushed his government to act.

“This is about what I hear,” Champagne said. “We’re acting, but look at other countries, this is an ongoing process, and no one is suggesting that we’re done.”

With files from CTVNews.ca’s Senior Digital Parliamentary Reporter Rachel Aiello

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Netflix’s subscriber growth slows as gains from password-sharing crackdown subside

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Netflix on Thursday reported that its subscriber growth slowed dramatically during the summer, a sign the huge gains from the video-streaming service’s crackdown on freeloading viewers is tapering off.

The 5.1 million subscribers that Netflix added during the July-September period represented a 42% decline from the total gained during the same time last year. Even so, the company’s revenue and profit rose at a faster pace than analysts had projected, according to FactSet Research.

Netflix ended September with 282.7 million worldwide subscribers — far more than any other streaming service.

The Los Gatos, California, company earned $2.36 billion, or $5.40 per share, a 41% increase from the same time last year. Revenue climbed 15% from a year ago to $9.82 billion. Netflix management predicted the company’s revenue will rise at the same 15% year-over-year pace during the October-December period, slightly than better than analysts have been expecting.

The strong financial performance in the past quarter coupled with the upbeat forecast eclipsed any worries about slowing subscriber growth. Netflix’s stock price surged nearly 4% in extended trading after the numbers came out, building upon a more than 40% increase in the company’s shares so far this year.

The past quarter’s subscriber gains were the lowest posted in any three-month period since the beginning of last year. That drop-off indicates Netflix is shifting to a new phase after reaping the benefits from a ban on the once-rampant practice of sharing account passwords that enabled an estimated 100 million people watch its popular service without paying for it.

The crackdown, triggered by a rare loss of subscribers coming out of the pandemic in 2022, helped Netflix add 57 million subscribers from June 2022 through this June — an average of more than 7 million per quarter, while many of its industry rivals have been struggling as households curbed their discretionary spending.

Netflix’s gains also were propelled by a low-priced version of its service that included commercials for the first time in its history. The company still is only getting a small fraction of its revenue from the 2-year-old advertising push, but Netflix is intensifying its focus on that segment of its business to help boost its profits.

In a letter to shareholder, Netflix reiterated previous cautionary notes about its expansion into advertising, though the low-priced option including commercials has become its fastest growing segment.

“We have much more work to do improving our offering for advertisers, which will be a priority over the next few years,” Netflix management wrote in the letter.

As part of its evolution, Netflix has been increasingly supplementing its lineup of scripted TV series and movies with live programming, such as a Labor Day spectacle featuring renowned glutton Joey Chestnut setting a world record for gorging on hot dogs in a showdown with his longtime nemesis Takeru Kobayashi.

Netflix will be trying to attract more viewer during the current quarter with a Nov. 15 fight pitting former heavyweight champion Mike Tyson against Jake Paul, a YouTube sensation turned boxer, and two National Football League games on Christmas Day.

The Canadian Press. All rights reserved.

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