A representative for the large French grocery chain, Carrefour said that beginning of Thursday, signs indicating the store will no longer be stocking the brands will be displayed on the shelves of PepsiCo (PEP.O) items at Carrefour locations in France, Italy, Spain, and Belgium. This is because of “unacceptable price increases.”
The rising prices are so bad that Carrefour posted notices to alert consumers if an item’s size was reduced but its price increased last year.
According to a Carrefour representative, the change will affect the company’s network of more than 9,000 stores in Belgium, France, Spain, and Italy.
Last year, French Finance Minister Bruno Le Maire threatened to impose special taxes on “undue” earnings, pressuring large food corporations to lower their prices.
According to the government statistics agency’s most recent data, food prices increased 7.1% in December compared to the same month last year. In response, PepsiCo said, “We’ve been in discussion with Carrefour for many months and we will continue to engage in good faith to try to ensure that our products are available.” PepsiCo has raised its earnings prediction for 2023 three times.
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