French Finance Minister Bruno Le Maire noted today, Friday, the commitment of major food companies in France, including Unilever, to reduce prices on hundreds of products starting next month. Le Maire has previously threatened to reclaim what he described as "unjustified" profits from food companies through special taxes if the benefits of declining raw material prices are not passed on to consumers, who are already struggling with rising energy bills.
Le Maire stated on "BFM" television, "Prices for some products will drop by July," adding, "There will be oversight and penalties imposed on those who do not adhere to the rules." He indicated that prices for certain products such as pasta, poultry, and vegetable oils will be reduced.
He mentioned that if the food companies, which account for 80 percent of French food and number 75, do not keep their promises, he will expose them publicly, causing them embarrassment. He remarked, "With wholesale prices for several products declining, retail prices must also drop by two, three, five, or even ten percent," adding that he will have a list of the affected products next week.
The government is very upset after consumer goods prices in retail stores reached record levels in recent months, despite the decline in the prices of many raw materials purchased by companies.
