WARNING: US food groups plan hefty price rises
VIa: FT.com
US food companies are preparing another round of hefty price increases as soaring commodity costs force them to pass on rises to consumers.Sara Lee, maker of meat products such as Jimmy Dean sausages, said costs would compel it to push up prices on meat lines by up to a fifth later this year.
“We will be taking price increases on the vast majority of the protein products in this calendar year,” said C.J. Fraleigh, Sara Lee’s chief operating officer for North America, in a recent interview.
“Price increases vary a lot by type of products but the increases will be as low as zero and some products we will decrease on and other increases [will be] in excess of 20 per cent.” Kraft Foods, Kellogg’s, ConAgra and Tyson are also pushing through increases, which are expected to contribute to inflationary pressures in the US.
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