People Must Brace for Higher Food Prices - Kraft Heinz CEO
Kraft Heinz, the maker of the iconic Heinz ketchup, says people have to get used to higher prices.
Post pandemic demand
The boss of Kraft Heinz, the world's fifth largest food and drinks company, says people will have to get used to higher food prices. Miguel Patricio told the BBC that the food giant, whose products include tomato sauce, baked beans and Philadelphia cream cheese, was putting up prices in a range of countries. Unlike in previous years, he said, inflation was "across the board". Post-pandemic demand for food products has increased the cost of raw materials while higher wages and energy prices are also contributing.
Food prices hit 10-year high
Kraft Heinz has increased prices on more than half its products in the US, and it is doing it in other countries as well. "We are raising prices, where necessary, around the world," Patricio told the BBC. Global food prices have reached a 10-year peak, driven by gains for cereals and vegetable oils, according to the UN food agency. But other factors are also playing a part. "Specifically in the UK, with the lack of truck drivers. In [the] US logistic costs also increased substantially, and there's a shortage of labour in certain areas of the economy," Patricio was quoted as saying.
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