Coop Cuts Prices on Frozen Foods and Bacon to Ease Inflation Burden

news 12-Sep-2023 Europe

Coop Reduces Prices on Frozen Foods and Bacon

Coop, the Danish supermarket chain which includes stores like Kvickly and Super Brugsen, is lowering the prices of 163 different products starting this Tuesday and continuing next week. One of the items to see a price drop is the frozen garlic baguette, which will now cost 14.95 kroner, a decrease of three kroner.

Jeff Salter, the Category Director at Coop, explained that this price reduction is a response to customer expectations following the inflation crisis.

"Our customers understandably expect lower prices after the inflation crisis. Therefore, suppliers are generally required to lower their prices so that we can continue passing these reductions on to our customers," Salter said.

The price cuts will impact everyday products such as rice, selected frozen items, bacon, and organic cucumbers.

"We are reducing prices on both our own branded products as well as some branded items. However, the majority of the reductions will be on our own branded products, as we aim to strengthen our position in the market," Salter added.

Currently, Coop is in negotiations with most of its suppliers and expects them to also contribute to further price reductions.

"Energy prices have returned to normal levels, and the raw material price index for many of the major commodities is also back to pre-inflation crisis levels," Salter stated.

However, Salter mentioned that it is too early to determine how the negotiations with suppliers are progressing, as they have just recently begun.

Earlier this summer, Coop announced the first wave of price reductions, which saw around 80 dairy products become cheaper.

Coop's competitor, the Salling Group, responsible for Føtex, Netto, and Bilka, also revealed plans to lower prices in the coming period.

"We will exert maximum pressure on prices," said Anders Hagh, the recently appointed CEO at the Salling Group, in an interview with Dagbladet Børsen.

The reduction in prices by Coop and other supermarket chains reflects the effort to provide relief to consumers who have faced the consequences of rising inflation. By lowering prices on essential items, supermarkets aim to support households and alleviate financial burdens during these challenging times.

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