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PepsiCo to Raise some Prices After Cuts Failed to Grow Sales
PepsiCo says the increases will stay below earlier prices as the company tries to offset inflation and weak North American food sales.
- PepsiCo Inc. plans to raise prices on select chips, sodas, and dips by late 2026 or early 2027, reversing a strategy that sought to make snacks more affordable earlier this year.
- Following weak North American food results, PepsiCo CEO Ramon Laguarta cited a strained consumer and higher gas prices for the decision, which included a 2% revenue decline in the company's food business.
- Specific price hikes include Tostitos salsa jars rising to $4 and $5.50 from $3.80 and $4.95, while Fritos canned dips increased to $3.75 from $3.30, following February's 15% price cuts.
- Retailers will ultimately determine whether to absorb these increases or pass them to shoppers, a dynamic currently causing friction at chains like Kroger over other brands including Red Bull.
- Other food companies, including Campbell's Co. and Conagra Brands Inc., are also raising prices due to sustained energy and fertilizer costs plus import tariffs, amid 0.4% inflation reported in August.
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PepsiCo is raising the prices of some French fries, soft drinks and sauces, just a few months after it has committed itself to making its appetizers more affordable.
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PepsiCo to raise prices of some chips, sodas, Bloomberg News reports
Sept 24 (Reuters) - PepsiCo is set to hike some prices after price cuts from earlier this year failed to boost sales, Bloomberg News said on Thursday citing people familiar with the matter. (Reporting by Anuja Bharat Mistry in Beng...
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Total News Sources17
Leaning Left1Leaning Right2Center4Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
14%
C 57%
R 29%
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