Intermarché Boss Warns of Falling Consumption at 2–3%

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November 7, 2026: Thierry Cotillard, president of Groupement Mousquetaires and head of Intermarché, issues a clear warning to shoppers, retailers and food manufacturers. In his assessment, there is already a risk of declining consumption if food inflation exceeds 2 or 3 percent.

The warning is therefore directed not only at individual households. Strategically, it comes at a time when supermarkets and manufacturers are negotiating prices for the coming year. Cotillard uses the opportunity to make clear to all involved the need to limit price increases.

Unlike a specific price cut, this is not about an already agreed discount or a uniform price cap. It is a warning about a scenario: If food price increases continue or accelerate, consumers' high sensitivity to prices could weaken consumption, according to Cotillard.

What Exactly Cotillard Fears

The warning threshold

Cotillard identifies 2 percent and 3 percent respectively as critical levels for food inflation. If food inflation is above 2 percent or 3 percent, he sees a danger that consumers will buy less. The wording is important: He does not promise a specific timetable and does not cite a current inflation rate. His statement is a risk assessment, not an exact forecast.

“Price sensitivity is so great that there is a risk of declining consumption if food inflation exceeds 2 or 3 percent.”

What declining consumption means here

In this context, declining consumption means a weakening of demand. However, the report does not identify any individual product categories or specific purchasing decisions. It does not explain whether households will buy less, leave out certain foods or change their choices. What is clear is that Cotillard warns of a decline in consumption under the conditions described.

Annual Negotiations Begin on December 1

The timing

The annual trade negotiations between supermarket chains and food industry companies begin on December 1. Cotillard is speaking ahead of these negotiations and uses the conversation with the Le Monde newspaper to address price developments.

Responsibility rather than a specific pricing plan

Cotillard calls for responsibility from all stakeholders. The aim of this shared responsibility is to limit price increases. However, in this conversation, he identifies neither concrete measures nor a fixed percentage to which all involved should agree.

His statement therefore deliberately remains focused on the economic risk: Higher food prices can weaken consumption, so those involved must keep the margins for purchasing prices as small as possible.

2 to 3 Percent: A Warning Signal, Not an Automatic Rule

The percentage figures cited make the warning concrete without establishing a rigid rule. Cotillard does not say that consumption will necessarily decline at exactly 2 or 3 percent. He describes the risk that could arise if this level is exceeded.

For you as a shopper, this initially means that no immediate price change has been announced for individual products. According to the report, the extent will depend on the further development of food inflation. What is certain is that the Intermarché chief already considers an inflation rate of 2 to 3 percent critical for demand and consumption.

What the report leaves unanswered

• The current level of food inflation is not stated.
• No specific products or product categories that would be particularly affected are identified.
• No concrete instructions are given for the negotiations on December 1.
• The report leaves open how prices will affect individual households.

Why Cotillard Is Applying Pressure Now

The combination of a warning and the start of negotiations is the core of the report. Cotillard makes clear that concern for consumers' willingness to buy should create a shared interest in keeping prices as moderate as possible. In doing so, he is not claiming that supermarkets alone are responsible for price developments.

The message is expressly directed at all stakeholders in the food chain. At the same time, the conversation provides no ready-made solution. It marks the December 1 negotiations as a point at which the danger of weaker demand could still be influenced.

Conclusion: A Warning Signal Ahead of the Negotiations

Cotillard's central message is unambiguous: If food inflation exceeds 2 or 3 percent, there is a risk, in his assessment, that consumption will decline. For this reason, ahead of the annual negotiations, he calls for a jointly accountable limit on price increases.

For households, this is primarily a warning about the interaction between rising prices and declining willingness to buy. The report does not yet reveal what specific consequences will occur or what measures the stakeholders will decide. One thing is clear: For the Intermarché chief, the crucial negotiating phase, with consumption at its center, begins on December 1.