Advertisement

“Get used to high food prices” - says international food conglomerate

An international food conglomerate has warned that people should get used to high food prices.

The boss of  Kraft Heinz, Miguel Patricio, has told the BBC that the company, which makes tomato sauce and baked beans, was hiking prices in several countries.

Unlike in previous years, Mr. Patricio said, inflation is across the board.

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

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.

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 for manufacturers.


comments powered by Disqus
Most Popular
Long wait ahead for Jamaicans seeking US visa
'Dog Paw' killed in shootout
US Embassy prohibits staff from travelling to...