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4 Jan, 2024 11:51

French retail giant drops PepsiCo – Reuters

Carrefour is said to be stopping sales of soft drinks and potato chips after a fresh price hike
French retail giant drops PepsiCo – Reuters

French supermarket Carrefour is telling shoppers that it will no longer sell PepsiCo products such as carbonated soda drinks Pepsi and 7up and Lay’s chips products because they’ve become too expensive, Reuters has reported.

According to the outlet, a spokesperson for France’s second biggest grocery has chain confirmed that it will place a note on shelves that have displayed PepsiCo goods which reads “We are no longer selling this brand due to unacceptable price increases.” It is unclear whether PepsiCo products already on Carrefour shelves will be withdrawn, the report added.

In October, PepsiCo warned of “modest” price hikes in the new year amid steady demand. The US snacking and beverage giant has raised prices for seven consecutive quarters, hiking them by double digits in the July-September period last year. The company also reduced package sizes of some of its products claiming the aim was “to meet consumer demand for convenience and portion control.”

Last year, amid high consumer inflation, grocery retailers in several EU countries challenged global food giants over prices. Carrefour started a “shrinkflation” campaign in September, sticking warnings on goods that have shrunk in size but cost more.

Negotiations are underway in France between food manufacturers and retailers, with the latter demanding price cuts, as they say prices for raw materials and energy have recently come down. Food industry representatives argue that production costs remain high and that manufacturers have absorbed significant inflationary shocks.

For more stories on economy & finance visit RT's business section

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