The price cap will be applied to 30 products including milk, bread, rice, chicken, toothpaste and toilet paper across 76 remote stores.
New laundries will also be rolled out or upgraded in 12 rural areas to improve the health of residents.
They are among the measures contained in Closing the Gap statement announced by Prime Minister Anthony Albanese at Parliament House in Canberra on Monday.
"The task before us is to build a future in which all Australians have access to the same opportunities," he said.
Mr Albanese is expected to reveal 11 of the 19 targets outlined in the strategy are seeing improvements on outcomes, but just five are on track to being met.
Under the government's plan, up to 120 Indigenous workers in remote stores will be upskilled to build a nutrition workforce.
The Indigenous Business Australia's Home Loan Capital Fund will receive a boost to increase opportunities for First Nation people to buy their own homes and build intergenerational wealth for their families.
Scholarships will be provided for up to 150 Indigenous psychology students to increase the availability of culturally safe mental health support.
Indigenous Australians Minister Malarndirri McCarthy said the government was creating "systemic change" to improve how agencies worked with First Nations people.
"We are focused on creating jobs with decent conditions in remote Australia, addressing housing overcrowding, supporting healthy children and safe families, and community driven responses to address the causes of crime," she said.
Pat Turner, the lead convenor for a coalition of peak Indigenous bodies, said the full impact of the changes would take time to materialise.
"Closing the Gap is not just policy, it is the intentional pursuit to make life better for our people and for the generations that come after us," he said.
"We will hold governments and ourselves accountable until we achieve real, lasting change."
Labor last Friday announced more than $800 million for the Northern Territory Remote Aboriginal Investment.
The funding will go towards services such as policing, women's safety, education and alcohol harm reduction.
Opposition Indigenous health spokeswoman Kerrynne Liddle said it was not surprising Closing the Gap targets were not being met.
"The prime minister flagged last week that we're going to see no real improvement in this Closing the Gap report in some areas," she told ABC TV.
"In those areas, we've seen the cashless debit card taken away, we've seen alcohol restrictions lifted in the Northern Territory. We've seen people trying to deal with this terrible cost-of-living crisis."
Senator Liddle said the pricing of essential grocery items in remote areas was "outrageous", but would not say if the coalition would back a similar policy to the price cap.