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France will lower hundreds of basic products to alleviate the blow of inflation

Date: March 4, 2024 Time: 01:00:36

After the multiple altercations that have taken place in the French streets in recent months against the pension reform promoted by the Government of Emmanuel Macron, now with the intention of reducing the tension produced, the French Minister of Economy and Finance, Bruno Le Maire, promised this Friday a price reduction on “hundreds of consumer products” starting next month, as a result of pressure on manufacturers and distributors to pass on the lower costs.

“From the month of July, prices will drop for a certain number of references,” Le Maire said in an interview with the channel that they have committed.

“Possible sanctions are still on the table,” he stressed after having indicated that he has asked for a reduction in the margins of the agri-food groups. He explained that with the available data it has been verified that “the margin of agri-food companies has progressed hard in the first months of 2023. They have more than recovered the losses they had in the previous two years. Better for them”.

“The only thing I ask of them – he added – is that they can keep a part of the margins for themselves. It is normal, they have to invest. But a part of the margins they have to return to consumers” and if they do not “we will recover it by way of taxes. The distribution groups, for their part, have promised to extend the commercial operation that they have launched under the name of “anti-inflation quarter” until the end of the year.

This device consists of a price reduction that applies to a series of products chosen by the same groups, hardly any own brands, at the expense of their own margins so as not to harm the activity of farmers and other producers. Year-on-year inflation in France moderated in May, going to 5.1%, compared to 5.9% in April. This slowdown is partly due to food, which experienced a year-on-year rise of 14.1% in May, after 15% in April.

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Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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