France strong-arms big food firms into cutting prices

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The biggest food industry companies in France have pledged to cut prices on hundreds of products from next month, Finance Minister Bruno Le Maire said on Friday, threatening financial sanctions if they break the promise.

The government is furious that prices consumers pay in supermarkets have hit record levels in recent months even though the prices industry pays for many raw materials have been declining.

"As soon as July, prices of certain products will go down," Le Maire told BFM TV on Friday after meeting representatives of the food industry the previous day.

 

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