High prices cause one of France’s largest supermarkets to take PepsiCo products off shelves

The Street

TheStreet’s J.D. Durkin brings you the biggest news of the day, including how the market fared and why one of France’s largest supermarket chains is removing PepsiCo products from its shelves.

Transcript

00:00 I'm JD Durkin reporting from the New York Stock Exchange.

00:03 Stocks were in mixed territory to close out today's session.

00:05 The Dow finished in the green while the tech-heavy Nasdaq and S&P both closed in the red.

00:11 Markets are reacting to some labor data.

00:13 Private employers ramped up hiring in December and weekly jobless claims fell to a two-month

00:18 low, underscoring continued resilience.

00:21 Wall Street is looking ahead to the final labor report of the week with Friday's anticipated

00:25 December jobs report.

00:27 That'll give investors a comprehensive view of the strength of the U.S. jobs market.

00:32 In other news, one of France's largest supermarket chains is fighting back against rising costs

00:37 from a prominent food and drink company.

00:39 Carrefour, which has over 1,000 locations across France, announced it will be pulling

00:45 all PepsiCo products from its shelves because they have become too expensive.

00:49 Instead of drinking snack staples like Lay's, 7-Up and Pepsi, stores will have a sign posted

00:55 which reads, "We are no longer selling this brand due to unacceptable price increases.

00:59 We apologize for any inconvenience caused."

01:02 The chain has since announced it will also stop selling products in its Italy, Spain

01:06 and Belgium locations.

01:08 In September, Carrefour began a "shrinkflation" campaign, posting signs on products that have

01:13 shrunk in size but still saw a price increase.

01:17 However, PepsiCo is hardly the only major company to pass down increases in their own

01:21 costs onto consumers.

01:23 Over the past two years, Nestle, Coca-Cola and Unilever have all also bumped up their

01:28 prices.

01:29 That will do it for your daily briefing.

01:31 From the floor of the New York Stock Exchange, I'm J.D. Durkin with The Street.

01:34 Thanks for watching.

01:35 [end]

01:37 [BLANK_AUDIO]

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