Current:Home > NewsPepsiCo products are being pulled from some Carrefour grocery stores in Europe over price hikes -StockPrime
PepsiCo products are being pulled from some Carrefour grocery stores in Europe over price hikes
FinLogic FinLogic Quantitative Think Tank Center View
Date:2025-04-11 10:07:14
PARIS (AP) — Global supermarket chain Carrefour will stop selling PepsiCo products in it stores in France, Belgium, Spain and Italy over price increases for popular items like Lay’s potato chips, Quaker Oats, Lipton tea and its namesake soda.
The French grocery chain said it pulled PepsiCo products from shelves in France on Thursday and added small signs in stores that say, “We no longer sell this brand due to unacceptable price increases.”
The ban also will extend to Belgium, Spain and Italy, but Carrefour, which has 12,225 stores in more than 30 countries, didn’t say when it would take effect in those three countries.
PepsiCo said in a statement that it has “been in discussion with Carrefour for many months and we will continue to engage in good faith in order to try to ensure that our products are available.”
The company behind Cheetos, Mountain Dew and Rice-A-Roni has raised prices by double-digit percentages for seven straight quarters, most recently hiking by 11% in the July-to-September period.
Its profits are up, though higher prices have dragged down sales as people trade down to cheaper stores. PepsiCo also has said it’s been shrinking package sizes to meet consumer demand for convenience and portion control.
“I do think that we see the consumer right now being more selective,” PepsiCo Chief Financial Officer Hugh Johnston told investors in October.
The Purchase, New York-based company said price increases should ease and largely align with inflation, which has fallen considerably worldwide since crunched supply chains during the COVID-19 pandemic and then Russia’s war in Ukraine sent prices surging.
However, the 20 European Union countries that use the euro currency saw consumer prices rise to 2.9% in December from a year earlier, rebounding after seven straight monthly declines, according to numbers released Friday.
Prices for food and non-alcoholic drinks have eased from a painful 17.5% in the 20-country euro area in March but were still up by 6.9% in November from a year earlier.
PepsiCo has pointed to higher costs for grain and cooking oil for its rising prices. Those costs surged following Russia’s invasion in Ukraine and are still being felt by families at supermarkets. But prices for food commodities like grain that are traded on global markets fell considerably last year from record highs in 2022.
The U.N. Food and Agriculture Organization said Friday that its food price index was 13.7% lower in 2023 than the year before, with only its measure of sugar prices growing in that time.
veryGood! (35)
Related
- Paris Hilton, Nicole Richie return for an 'Encore,' reminisce about 'The Simple Life'
- New Jersey earthquake: Small 2.9 magnitude quake shakes area Friday morning
- Family members infected with brain worms after eating undercooked bear meat
- Beauty Queen Killer Christopher Wilder's Survivor Tina Marie Risico Speaks Out 40 Years Later
- Krispy Kreme offers a free dozen Grinch green doughnuts: When to get the deal
- Many Americans are wrong about key economic trends. Take this quiz to test your knowledge.
- Here's why summer travel vacations will cost more this year
- American Airlines drops law firm that said a 9-year-old girl should have seen camera on toilet seat
- 'As foretold in the prophecy': Elon Musk and internet react as Tesla stock hits $420 all
- Patrick Mahomes' Wife Brittany Mahomes Gives Health Update After Breaking Her Back
Ranking
- DoorDash steps up driver ID checks after traffic safety complaints
- Colombia moves to protect holy grail of shipwrecks that sank over 3 centuries ago with billions of dollars in treasure
- With Paris Olympics looming, new coach Emma Hayes brings the swagger back to USWNT
- Ketel Marte hitting streak: Diamondbacks star's batting average drops during 21-game hitting streak
- IRS recovers $4.7 billion in back taxes and braces for cuts with Trump and GOP in power
- Virginia Has the Biggest Data Center Market in the World. Can It Also Decarbonize Its Grid?
- WWE King and Queen of the Ring 2024: Time, how to watch, match card and more
- Defense secretary tells US Naval Academy graduates they will lead ‘through tension and uncertainty’
Recommendation
Whoopi Goldberg is delightfully vile as Miss Hannigan in ‘Annie’ stage return
Ex-CIA officer accused of spying for China expected to plead guilty in a Honolulu courtroom
Anastasia Stassie Karanikolaou Reveals She Always Pays When Out With BFF Kylie Jenner
New lawsuit accuses Sean ‘Diddy’ Combs of sexually abusing college student in the 1990s
Arkansas State Police probe death of woman found after officer
Watch Party: Thrill to 'Mad Max' movie 'Furiosa,' get freaky with streaming show 'Evil'
The Celtics are special. The Pacers, now down 2-0, have questions about Tyrese Haliburton's health.
Millie Bobby Brown Marries Jake Bongiovi in Private Ceremony