Adjusted for inflation, household spending on food fell year on year by a record 10% in April, to its lowest since March 2009, data from statistics agency INSEE showed on Wednesday.
Food prices spiked after producers and retailers, in annual negotiations, agreed in March to an average 10% increase in prices, responding to a surge in input prices and wages after Russia's February 2022 invasion of Ukraine.A customer shops in a supermarket in Nice, France, March 1, 2023. REUTERS/Eric GaillardThe negotiations are required by law and are supposed to keep farmers from getting squeezed by the companies they supply.
The producers say they have had to contend with higher energy prices and wage increases, but some, including French chicken group LDC, have reaped bumper profits over the past year. France is not alone in its concern, with governments in countries ranging from Italy to Britain also considering exceptional measures to rein in food price inflation.
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