Italian government fails to negotiate price cap with essential goods producer

Italy is reportedly set to scale back its anti-inflation plans after failing to broker a deal with producers to control the price of essential goods.

According to sources cited by Reuters, talks have been ongoing between the Italian government and producers who are refusing to submit to a deal with supermarket chains to control the prices of essential consumer goods.

The government has been trying to negotiate a deal between producers and retailers to put a cap on the prices of food and essential goods from October to December. Participating retailers would be marked with stickers bearing the Italian flag and the words “anti-inflation quarter” to highlight their efforts to curb rampant price rises.

Talks took place this week, with industry minister Adolfo Urso saying the measure would deal a “decisive blow” to inflation.

Citing sources present at the talks, Reuters reports that there were no conditions to go ahead with the plan, and that supermarkets do not intend to endorse it without the backing of industries.

The next stage for the government is to discuss a joint declaration with supermarkets and shopkeepers’ associations to be announced by 10 September in an effort to keep prices down. The current draft statement admits that industry associations have not been willing to sign off on any deal.

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