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French Finance Minister Bruno Le Maire announced a deal with major retailers on Monday that he said will cap the prices of a range of staple foods for three months from March in response to the soaring cost of living.
MOSCOW (UrduPoint News / Sputnik – 06 March 2023) French Finance Minister Bruno Le Maire announced a deal with major retailers on Monday that he said would set the price of a range of staple foods for three months starting in March in response to the skyrocketing costs of live.
“I am pleased to announce that we made an agreement with a group of distributors this morning… to keep the prices of a range of key products as low as possible for three months,” he told a news conference.
The “anti-inflation quarter” pact will put food on the shelves at favorable prices to remove the burden of inflation from vulnerable households and protect national purchasing power, Le Maire said.
Distributors will make the list of products.
France saw inflation rise to 6.2% year-on-year in February from 6% in January. Food prices rose 14.5% year-on-year last month.
Carrefour, Intermarche and Monoprix, three of the biggest retailers, agreed to cap the prices of 200 food products until mid-June, according to news channel BFMTV. Le Maire told reporters he was confident Michel-Edouard Leclerc, CEO of market leader E. Leclerc, would join the initiative.