French retailers agree profit cuts to curb food price rises

Supermarket chains will take a hit to their margins amounting to several hundred million euro by discounting products during a three-month campaign

French finance minister Bruno Le Marie on Monday announced the deal with retailers which will see the cost of essential foods reduced. Picture: Bloomberg

Retailers in France have agreed to offer the lowest possible prices for essential food items to help households cope with surging inflation, French finance minister Bruno Le Maire said on Monday.

Supermarket chains will take a hit to their margins amounting to several hundred million euros by discounting products during a three-month campaign, he said. Items affected will carry a logo featuring the French flag and the slogan “anti-inflation quarter.”