French container ship giant CMA CGM is to slash freight rates by about 10% for some domestic clients after coming under pressure from the government to help ease the cost of living crisis.

Finance minister Bruno Le Maire had earlier this week appealed to the owner and energy major TotalEnergies to bring down costs for hard-pressed consumers.

CMA CGM has now said it will reduce rates by €500 ($520) per feu for large French retailers for a year from 1 August.