France will impose additional taxes on producers who do not lower food prices for end consumers, French Finance Minister Bruno Le Maire said on Wednesday
PARIS (Pakistan Point News / Sputnik - 31st May, 2023) France will impose additional taxes on producers who do not lower food prices for end consumers, French Finance Minister Bruno Le Maire said on Wednesday.
"One of two: either producers will keep their promises in the coming days, or I will resort to using tax tools to take their profits and give it to consumers," Le Maire told the France Inter radio.
The minister noted that the measures may affect the 75 largest agricultural producers in France, which are currently negotiating prices with distributors at the request of the government.
"As for food prices, it is necessary to accelerate their decline and it is necessary that everyone fulfill their obligations. Distributors in the first trimester fulfilled theirs and decided to extend anti-inflationary measures after June 15," Le Maire added.
The annual inflation in France fell to 5.1% in May, while food price growth remains high at 14.1%, according to Friday's report by the French National Institute of Statistics and Economic Studies (Insee). It says the cost of fresh products such as meat, fish, vegetables and fruits is growing the most at 10.4%.
In March, French authorities launched an "anti-inflation basket" program for food prices, comprising about 50 very common products. Large retailers were obligated not to increase prices on these basic items until June 15, but the measures were extended for another three months at the request of the authorities.
