Kraft Heinz CEO Miguel Patricio says higher inflation and supply issues are coursing through the food industry, forcing companies to adopt new strategies for everything from production to promotion to packaging.
And he doesn’t see an end to either issue anytime soon.
“We’ve already increased the prices that we were expecting this year, but I’m predicting that next year, inflation will continue, and as a consequence [we] will have other rounds of price increases,” Patricio said in an interview with CNN Business.
For its second quarter ended June 25, Kraft Heinz raised its prices overall by 12.4 percentage points compared to the year-earlier period. The company is scheduled to report third-quarter earnings on Wednesday.
Beyond the double-barrel challenges of shortages of raw materials and inflation, issues like the continuing…