An extensive series of meetings headed by Bruno Lemaire, the Minister of Finance of France, with food manufacturers and retailers has resulted in a voluntary decision to reduce or freeze prices on food staples.  The agreement includes approximately 5,000 items representing 25% of all SKU's.  The agreement follows a previous arrangement negotiated with Unilever, Nestle and Pepsi Co to reduce prices on 1,500 products.  The comprehensive agreement also includes a price reduction for basic commodities including vegetable oils that have contributed to inflation.

The Government of France will monitor compliance through agencies responsible for consumer affairs and competition. Stock-outs and shortages usually follow agreements to cut prices following either enforced government edicts or as in thus case, ‘jawboning’.