America's Food Company Increase Prices By 20% Amid Record Inflation

Written By BlabberBuzz | Friday, 12 November 2021 02:15 AM
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America's Food Company Increase Prices By 20% Amid Record Inflation

As inflation proceeds to wreak havoc on American consumers' pockets, Kraft Heinz, the American food company behind items like Kraft Macaroni & Cheese, Heinz Ketchup, Jell-O, and more, is expected to raise the prices of numerous of their products by up to 20 percent.

Overall, prices on most of the company's products are expected to increase an average of 5 percent to fight inflation, according to Pittsburgh Cable News Channel (PCNC).

According to the U.S. Bureau of Labor Statistics, inflation in the United States is 5.4 percent as of September.

The price of Jell-O and puddings produced by Kraft Heinz will go up 16 percent, and Macaroni & Cheese will be going up 20 percent.

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According to a November 1 letter acquired by CNN Business, Kraft Heinz told one regional distributor that prices would be rising on January 9.

That letter declares that Jell-O gelatin and pudding varieties will go up by roughly 7 to 16 percent, Bagel Bites frozen snacks will increase approximately 10 percent, and Cool Whip topping varieties will go up by roughly 7 to 10 percent.

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Kraft Heinz declared that strong demand, supply constraints, and uncertainty forced prices to go up, continuing that the "upward trend in packaging, transportation, ingredients and labor costs persists, reaching levels not seen in decades," all affect the company's choice to raise prices.

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In an announcement to CNN Business, a Kraft Heinz spokesperson announced that the price increase was established "to help offset the escalating inflation that the entire industry is facing."

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PCNC further remarked that Mondelez, which makes products like Chips Ahoy cookies, Honey Maid graham crackers, and Oreos, will also raise their prices, though it did not give a specific number.

Mondelez CEO Dirk Van de Put maintained throughout a Tuesday analyst call discussing the company's third-quarter results that "we've been increasing prices, and we plan to increase prices more than we've done ... probably for quite a while as a company."

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The company told CNN Business that a price rise of 6 to 7 percent on its products will occur in January of 2022.

The new year’s increase in prices would come after a holiday season marked with increased prices, with this Thanksgiving being predicted to be the most expensive on record.

The New York Times stated in October that the price of turkeys would "hit record highs" this year, alongside popular products like canned pumpkin, sweet potatoes, and vanilla.

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