Food retail giant Carrefour is freezing prices of 200 everyday essentials until the start of next year.
Owned and operated by Majid Al Futtaim in the UAE, Carrefour struck a deal with a range of suppliers to protect the purchasing power of its customers.
The campaign joins its headquarters in France and other pricing pledges as part of an ‘anti-inflation challenge’ launched in June.
The hypermarket chain is targeting daily kitchen staples, such as rice, pasta, cooking oil, sugar, and coffee. This counteractive move against inflation will keep essentials, sweet and savoury snacks, and spreads stable ‘at the lowest possible price’.
This new initiative accompanies the brand’s ongoing investment into stabilising prices, having already reduced profit margins on more than 300 products.
Earlier this year, the UAE’s Ministry of Economy approved a new policy to curb the prices of more than 11,000 essential food items. The move requires suppliers to submit evidence to justify price hikes of common items, such as fresh and dry milk, fresh chicken, eggs, bread, flour and mineral water.
Christophe Orcet, head of commercial and operations of Carrefour at Majid Al Futtaim Retail, said: “Understanding the economic concerns facing many families around the world, Carrefour remains committed to mitigating the effects of inflation through our various low-pricing strategies.”
“With the help of our suppliers, we have been able to secure the prices on more than 200 products, whilst minimising our margins to ensure stabilisation.”
Other UAE retailers, such as Lulu Group International and Al Maya Group, have also announced plans to reduce the influence of global price hikes.
Lulu Group International built an infrastructure to minimise costs involved with third-party distributors and importers, while also promoting its private label products, which are more economically priced than competitive brands.
Similarly, the Al Maya Group have been working with administrative associations, such as the Food Corporation of India, and organisations within the UAE to ensure the absence of disruptions within supply chains.
The extended price lock should make customers’ budgets go further whilst shopping.
