"This is excellent news for consumers, it means that prices are going to be renegotiated lower early, so we will be able to break the inflationary spiral," Le Maire told journalists after meeting with food industry representatives. Last week, Le Maire threatened to use tax measures to claw back what he described as undue profits from the food industry if it did not accept talks over the high prices. "The point of the meeting this morning was to find by common agreement the best way to defend purchasing power," ANIA president Jean-Philippe André told Reuters.