Switzerland’s largest retailer, Migros, has announced it is slashing the prices of hundreds of brand name products after reaching a deal with suppliers of imported goods.
Migros said it would reduce prices by up to 20 per cent on around 500 products from next Monday.
The decision by the supermarket chain comes only days after its main competitor Coop said it would stop stocking about 100 products considered to be overpriced.
Migros said the products to be marked down will include Nestlé’s San Pellegrino mineral water and baby formula, Nutella bread spread and various cosmetics.
Last week, Economics Minister Johann Schneider-Ammann called on businesses, supervisory bodies and consumers to help lower the prices of imported goods.
Schneider-Ammann presided over a round table on August 10 to discuss how best the economy could deal with the recent surge in the value of the franc, particularly against the euro and dollar.
swissinfo.ch and agencies