Kraft Heinz says people must get used to higher food prices

 

By Jonathan Josephs, BBC News (UK)

Oct 10, 2021

 

People will have to get used to higher food prices, the boss of Kraft Heinz has told the BBC.

 

Miguel Patricio said the international food giant, which makes tomato sauce and baked beans, was putting up prices in several countries.

 

Unlike in previous years, he said, inflation was "across the board".

 

The cost of ingredients such as cereals and oils has pushed global food prices to a 10-year high, according to the UN Food and Agriculture Organisation.

 

Kraft Heinz has increased prices on more than half its products in the US, its home market, and Mr Patricio admitted that is happening elsewhere too.

 

"We are raising prices, where necessary, around the world," he said.

 

During the pandemic, many countries saw production of raw materials, ranging from crops to vegetable oils, fall. Measures to control the virus, as well as illness, limited output and delivery.

 

As economies have restarted the supply of these products hasn't been able to keep up with returning demand, leading to higher prices. Higher wages and energy prices have also added to the burden...

 

more

https://www.bbc.com/news/business-58847275