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Friday, June 14, 2024

France, inflation. The prices of hundreds of products in stores will fall from July 2023, Finance Minister Bruno Le Maire announces

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French Finance Minister Bruno Le Maire said on Friday that 75 big players in the food industry had pledged to lower the prices of hundreds of products from July. Breaking the promise is to be associated with financial sanctions.

75 large food producers have pledged to lower the prices of hundreds of products from next month, Economy and Finance Minister Bruno Le Maire said on Friday in an interview with BFM TV.

Finance Minister Bruno Le Maire announced that there would be inspections. – (…) already in July the prices of some products will fall. There will also be checks and sanctions for those who do not follow the rules, a government official said in an interview with BFM TV.

On Thursday, the minister met with 75 companies that have a total of 80 percent. share of the French market.

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“The prices of all products that are getting cheaper on wholesale markets must fall by 2, 3, 5, maybe even 10 percent in July,” Le Maire said. The minister said that the list would include: pasta, oils, poultry, cereals, animal feed. Bruno Le Maire said the full list would be sent to him next week.

Le Maire announced that if producers break their promise, they will face financial sanctions. He cited the findings after a meeting with industry officials on Thursday. The minister mentioned the imposition of a tax on excessive margins among the potential sanctions. “I dare hope that I won’t have to pull out this tax gun,” the minister added.

Inflation in France

The Reuters agency reminded that inflation in France fell to 6% in May. year on year, stronger than expected. This is the lowest level in a year. However, food prices in the past month continued to grow at a double-digit rate – by 14 percent. Every year. In March this year it was a record close to 16 percent.

Last week the action of mandatory promotions has started in Hungarian stores. It was pointed out that in this way the government of Prime Minister Viktor Orban is trying to suppress the highest inflation in the European Union, which exceeds 20% year on year.

READ MORE: Hungarian inflation still above 20 percent. Latest data>>>

Main photo source: Shutterstock



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