Aurelia Butler

“Starting in January, we should see the level of inflation come down significantly,” he said, speaking on French television channel BFM TV.Bompard said that he expected food price inflation to come down well below 10% to closer to 5%. August data released on Thursday showed food inflation – though easing for the fifth consecutive month from a peak earlier this year – is still running at 11.1%, nearly twice the overall inflation rate.Bompard had warned Tuesday that high prices were forcing consumers to cut back massively on essential goods. Retailers and consumer goods companies in France have been trading blame over who is responsible for the increase in prices in supermarkets even as the cost of raw materials has been falling in recent months.The Carrefour executive added that he expected food inflation to remain higher in coming years than levels over past decades of between zero and 1% due to climate and geopolitical factors. “The time of zero food inflation, I believe, is behind us,” he said. More

CERNOBBIO, Italy (Reuters) -Itay can still achieve economic growth of 1% this year despite the fall in output reported in the second quarter, Economy Minister Giancarlo Giorgetti said on Sunday.Italy’s gross domestic product (GDP) shrank by 0.4% in the second quarter from the first and its manufacturing sector contracted in August for a fifth consecutive month, according to data released on Friday. GDP grew 0.6% quarter-on-quarter in the first three months of this year.”The government plans to maintain the forecasts of 1% in 2023, but inevitable external variables are radically changing the picture,” Giorgetti said, speaking at The European House-Ambrosetti economic forum.Rome is also starting to factor in a 2023 deficit-to-GDP ratio above the current target of 4.5%, a government source said, underscoring the growing impact on state coffers of a tax break offering generous incentives for energy saving home improvements.The total cost of the so-called Superbonus originally introduced in 2020 is approaching 100 billion euros ($107.73 billion), the source added.”Thinking about the Superbonus makes me sick to my stomach, it has a negative effect on public accounts, it engulfs economic policy and leaves no room for other interventions,” Giorgetti said in Cernobbio.The government is due to update a raft of economic projections by Sept. 27.With interest rate hikes by the European Central Bank to curb inflation dampening economic activity, Rome’s growth target of 1.5% next year is increasingly at risk, economists say.As Italy is preparing a difficult 2024 budget, Giorgetti reiterated the commitment to keeping the deficit on a downward trend, leaving little leeway for stimulus.Rome in April set the deficit at 3.7% of GDP in 2024.”The budget will obey the purpose of limiting positions of advantage we can no longer afford and reward those who work and create real wealth, especially looking ahead to the main source of wealth production: children,” Giorgetti said, indicating there might be tax breaks to help families.He also renewed calls for new European Union budget rules to include favourable treatment for some spending, such as investments aimed at making the economy greener, and financial aid to Ukraine.($1 = 0.9282 euros) More

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“It’s an important public health issue,” said Borne, adding that the government is drawing up plans for a national programme to fight tobacco use that she said was responsible for 75,000 deaths a year in France. So-called “puff” devices generate habits among young people that can lead to tobacco addiction, she added. However, the government does not plan to raise taxes on tobacco next year after an increase this year, the prime minister said. French President Emmanuel Macron in 2021 set out ambitious plans to tackle tobacco and alcohol, pledging more smoking-free areas and aiming to make all 20-year-olds tobacco-free by 2030. More