A bill that aims to lower grocery prices in Canada and "crackdown on corporate greed" passed its second reading in the House of Commons on Wednesday.

Bill C-352 — titled "An Act to Amend the Competition Act and the Competition Tribunal Act"— was introduced by NDP leader Jagmeet Singh last September.

"Major breakthrough! My bill to take on corporate greed just passed in Parliament," wrote Singh on X Wednesday afternoon.

MAJOR BREAKTHROUGH!

My bill to take on corporate greed just passed in Parliament.

This is just the first step - the Liberals and Conservatives will use every procedural tactic to shut it down.

They don't want us to go after their CEO friends.

I won't back down.

— Jagmeet Singh (@theJagmeetSingh) February 7, 2024

He noted this is "the first step" in creating more affordable options for Canadians.

"…The Liberals and Conservatives will use every procedural tactic to shut it down," Singh said, adding that he "won't back down."

According to the second session voting results, 178 MPs voted for the bill, and 149 voted against it.

Parliament of Canada

If the bill becomes law, it would work to lower grocery prices in Canada in three ways.

The first measure would increase fines for overcharging, price-fixing, and "other abuses of Canadian consumers."

The second measure promises to close loopholes, allowing companies to exploit anti-competitive behaviour.

Lastly, the bill aims to strengthen merger laws to give the Competition Bureau more powers to prevent big grocery corporations from abusing their position as dominant players in the industry.

The House of Commons decision comes a month after Loblaw came under fire for scrapping its 50 per cent discount on expired items, ultimately leading the company to reverse its decision.

Frustrations towards grocery giants continue to mount, with some Canadians choosing to boycott the chains and creating an online community to rant about "out of control" prices.

The bill will move to committee hearings before it goes to a final reading in the House of Commons.