French Finance Minister Bruno Le Maire said last week he had secured a pledge from 75 top food companies to cut prices on hundreds of products next month to reflect a fall in raw material costs.
Under the legislation, updated in 2021, food producers and retailers are bound to take account of agricultural commodities' price moves, either upwards or downwards, when setting their own prices. This year, food producers were able to secure higher prices, based on a surge in costs of raw materials, but many of these have since fallen back sharply. Wheat, for example, is now trading 40% lower than a year ago.
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