(SOURCE: PEXELS)

A probe by Canada’s competition watchdog into rising grocery prices.

The Competition Bureau of Canada has announced it will study the highly concentrated sector to see how it’s contributing to the climb.

It says the goal is to provide recommendations to the government with a final report set to be released in June.

“More competition means lower prices, more choices, and better convenience for Canadian families,” the bureau says in a Tweet.

📣New Market Study#Grocery prices are increasing quickly, so we’re studying how governments can take action to improve competition in the sector. 🛒

More competition means lower prices, more choices, and better convenience for Canadian families.#CompetitionMatters

1/2 pic.twitter.com/UYalifcuwV

— Competition Bureau Canada (@CompBureau) October 24, 2022

The move comes as grocery prices in Canada have been increasing at the fastest rate seen in 40 years.

Many factors are thought to have contributed to the rise including extreme weather, higher input costs, Russia’s invasion of Ukraine, and supply chain disruptions.