France strong-arms big food companies into cutting prices

Minister threatens to name and shame if cuts not madePARIS, June 9 - French shoppers should pay less for their food from next month, Finance Minister Bruno Le Maire said on Friday, after he secured a pledge from 75 food companies including UnileverThe companies, which together make 80% of what the French eat, could face financial sanctions if they don't follow through, Le Maire said.

While the pace of food price rises has been slowing across the euro zone, it is the main factor keeping inflation high. The European Central Bank, which is expected to raise interest rates again next week even though growth is very weak, has said high corporate profit margins are also an inflation risk.

France's Carrefour has an "anti-inflation button" on its website that shows customers cheaper alternatives to products, often pointing them to own-brand groceries.

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