🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

French Finance Minister to meet retailers this week over food inflation worries

Published 02/20/2023, 03:51 AM
Updated 02/20/2023, 03:55 AM
© Reuters. FILE PHOTO: French Minister for Economy, Finance, Industry and Digital Security Bruno Le Maire leaves following the weekly cabinet meeting at the Elysee Palace in Paris, France, February 15, 2023. REUTERS/Sarah Meyssonnier/File Photo
CARR
-

By Dominique Vidalon

PARIS (Reuters) - French Finance Minister Bruno Le Maire said on Monday he will meet retailers this week to find ways to help shoppers cope with high food price inflation, with a view to finding a solution to the problem by March 15.

"I will hold talks with French retailers this week... March 15 will be the deadline," Le Maire told BFM TV.

"There is no reason to see for mid-March a flight upwards in food prices. Let's stop playing with the fears of the French people," he added.

Asked if the solution under consideration was for retailers to agree to sell an anti-inflation basket of everyday essential goods at knockdown prices, Le Maire said: "It will be the solution they find the most efficient."

The government initially said it wanted big retail chains such as Carrefour (EPA:CARR), Casino and the family-owned grocery dynasties Auchan and E. Leclerc, to sell a basket of about 50 everyday items at purchasing price from next month.

However, only smaller chains such as discounter Lidl and Systeme U have so far agreed to the government idea. The bigger retailers such as Carrefour say they have already taken action by blocking prices on a set number of goods.

© Reuters. FILE PHOTO: French Minister for Economy, Finance, Industry and Digital Security Bruno Le Maire leaves following the weekly cabinet meeting at the Elysee Palace in Paris, France, February 15, 2023. REUTERS/Sarah Meyssonnier/File Photo

The INSEE official statistics agency forecast last week that food price inflation would remain at 13% through the first half of the year.

Le Maire reiterated on Monday he expected inflation to ease from the middle of the year and for France to have positive economic growth in 2023, with 'even more positive growth' in 2024.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.