French govt seeking to double list of groceries subject to price cuts-source
French govt seeking to double list of groceries subject to price cuts-source
The French government is looking to secure a commitment from supermarkets and consumer goods groups to help fight inflation by doubling the number of products subject to price cuts this year from around 1,000 now, a finance ministry source said on Wednesday.
“In June, Le Maire said he had secured a pledge from 75 top food companies to cut prices on hundreds of products from July to reflect lower raw material costs. But he said on Tuesday that less than half of them had made good on their promise and he wanted more to join the effort.”
Weird that these companies didn’t keep their word. Who could’ve seen that coming?
They should really know better than to mess with the French. Historically, that has almost never ended well
The riots earlier this year were wild. I imagine just outing which companies lied would be enough to get people to boycott them. I hope the govt would take an additional stance though.
This is the best summary I could come up with:
PARIS, Aug 30 (Reuters) - The French government is looking to secure a commitment from supermarkets and consumer goods groups to help fight inflation by doubling the number of products subject to price cuts this year from around 1,000 now, a finance ministry source said on Wednesday.
French Finance Minister Bruno Le Maire met top retailers on Wednesday and was due to hold talks with their industrial suppliers on Thursday to discuss how to accelerate price cuts.
Thierry Cotillard, whose group has more than 3,000 stores in France, told RTL radio consumers had cut their shopping at supermarkets by around 5% in terms of volume, and were buying fewer fresh products like fish and meat.
In a letter to lawmakers this week Bompard - who is also president of the FDC lobby group - said sales of menstrual products, nappies, and first aid treatments had been falling, calling this evidence that French families cannot afford basic items.
In June, Le Maire said he had secured a pledge from 75 top food companies to cut prices on hundreds of products from July to reflect lower raw material costs.
Retailers have also criticised a law passed this year extending a cap of 34% on promotions they can apply to food items to beauty, hygiene and care products.
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