French Economy Minister Bruno Le Maire has announced price reductions for a wide range of foods from July. Companies in the food industry have more than made up for their losses of the past two years.
75 food industry companies have pledged price reductions for hundreds of products. At the same time, the minister threatened taxes if companies did not keep their promises.
Minister warns companies
Le Maire told the companies: “You can keep part of the profit for yourself (…) but you have to give part of the profit to the consumer.” The minister warned: “If you don’t, we will take tax measures.” Le Maire explained that the prices of several hundred products will be reduced, including pasta, sunflower oil and poultry.
According to preliminary data from the Insee statistics agency, consumer prices in France rose by 5.1 percent in May. Food prices rose by 14.1 percent.
Source: Krone
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