Coop Norway is introducing a price cap on 200 everyday products for the remainder of the year as high inflation affects consumers' spending power.
The price ceiling takes effect immediately, the retailer noted.
Coop Norway Price Ceiling
Håvard Jensen, director of iCoop Norge, said, "Groceries are important to all of us, and in a time of strong inflation, consumer-owned Coop has a responsibility to help maintain Norwegians' purchasing power. When our suppliers increased our purchase prices sharply with effect from 1 July, we withheld parts of the price increase from the consumer.
"We are now further contributing to keeping inflation at bay by introducing price caps on 200 typical everyday items for the rest of the year in all our chains. This means that we guarantee that the prices will be kept at the current level or lower."
The price ceiling is in place across all Coop Norway chains, including the discount chains Extra and Obs!, the supermarket chain Coop Mega, and the neighbourhood stores Coop Prix, Coop Marked, and Matkroken.
Read More: Coop Norway Sees Revenue, Market Share Up In FY 2021
'Unique Customer Insight'
Jensen added, "We have used our unique customer insight to select 200 popular everyday products within, among other things, fruit and vegetables, fresh produce, dinner, and cold cuts.
"Examples of products are Tine Lettmelk, Gilde Kjøttpølser, Coop minced meat, and Stabburet Mackerel in tomato. The list therefore includes both Coop's own brands and brands from our suppliers."
© 2022 European Supermarket Magazine – your source for the latest Retail news. Article by Conor Farrelly. Click subscribe to sign up to ESM: European Supermarket Magazine.