{"id":1712087,"date":"2022-10-26T06:01:02","date_gmt":"2022-10-26T10:01:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1712087"},"modified":"2022-10-26T13:19:06","modified_gmt":"2022-10-26T17:19:06","slug":"kraft-heinz-ceo-says-more-rounds-of-price-increases-coming-as-inflation-will-continue","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/kraft-heinz-ceo-says-more-rounds-of-price-increases-coming-as-inflation-will-continue\/","title":{"rendered":"Kraft Heinz CEO Says More &#8220;Rounds of Price Increases&#8221; Coming as Inflation &#8220;Will Continue&#8221;"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fkraft-heinz-ceo-says-more-rounds-of-price-increases-coming-as-inflation-will-continue%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1712087&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><a href=\"https:\/\/www.theepochtimes.com\/t-kraft-heinz\">Kraft Heinz<\/a>\u00a0CEO Miguel Patricio warned that because of persistent <a href=\"https:\/\/www.theepochtimes.com\/t-inflation\">inflation<\/a>, there will be more price increases in 2023 amid ongoing challenges that are hampering the\u00a0food industry.<\/p>\n<p>\u201cWe\u2019ve already increased the prices that we were expecting this year, but I\u2019m predicting that next year inflation will continue, and as a consequence [we] will have other rounds of price increases,\u201d Patricio said in an <a href=\"https:\/\/edition.cnn.com\/2022\/10\/24\/economy\/kraft-heinz-ceo-inflation-supply-shortage\/index.html\">interview<\/a> with CNN Business on Monday.<\/p>\n<p>Patricio\u2019s warning comes as inflation is still hovering at 40-year highs, drastically reducing the purchasing power of American households as many companies have passed on higher costs to consumers.<\/p>\n<p>According to\u00a0an <a href=\"https:\/\/www.cnbc.com\/2022\/10\/19\/how-to-reduce-the-impact-of-higher-consumer-prices-due-to-inflation.html\">estimate<\/a> from Moody\u2019s Analytics cited by CNBC, soaring inflation is forcing American households to spend an extra $445 more per month buying the same items they did this time last year.<\/p>\n<p>Kraft Heinz reported in its second-quarter 2022 <a href=\"https:\/\/news.kraftheinzcompany.com\/press-releases-details\/2022\/Kraft-Heinz-Reports-Second-Quarter-2022-Results\/default.aspx\">results<\/a> that it had\u00a0raised its prices by\u00a012.4 percentage points compared to the year-ago period. The company has also offered\u00a0different packaging and pricing options for consumers looking for lower-priced items.<\/p>\n<h2>\u2018New Normal\u2019<\/h2>\n<p>CEO\u00a0Patricio told CNN that the company has tried \u201cto minimize inflation on everything we do\u201d because \u201cit would be very easy just to pass the price to consumers, but that has consequences.\u201d<\/p>\n<p>He cited that because of ongoing challenges, such as raw material shortages, supply difficulties, the emergence of new strains of the COVID-19 virus, and Russia\u2019s war in Ukraine, there will be continued\u00a0uncertainty among\u00a0the\u00a0food industry.<\/p>\n<p>\u201cEvery day we have a new problem. It\u2019s the new normal,\u201d he said. \u201cAt the beginning, we thought it was a crisis. Now we know it\u2019s a new normal and we have to adapt to that.\u201d<\/p>\n<p>\u201cIt has been very hard,\u201d Patricio added. \u201cThis has been hard for the entire industry.\u201d<\/p>\n<p>Despite the ongoing issues, including a tomato shortage,\u00a0Patricio vowed that\u00a0Heinz ketchup\u00a0will continue to be stocked in supermarkets as the company predicted there would be a problem with crops of the fruit and so purchased them in advance.<\/p>\n<p>Kraft Heinz\u00a0is scheduled to report its third-quarter earnings on Oct. 26.<\/p>\n<p>The\u00a0Chicago, Illinois-headquartered food company in September raised its inflation forecast, projecting\u00a0full-year inflation of roughly 20 percent,\u00a0compared with an earlier estimate for inflation in the \u201chigh teens.\u201d Meanwhile, Patrick Harker, president of the Federal Reserve Bank of Philadelphia, has warned that the central bank will likely need to keep raising interest rates to well above 4 percent this year in an attempt to bring down the cost of living.<\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-katabella-roberts\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/ttl7dayERL_WEB_KatabellaRoberts.jpg\" alt=\"Katabella Roberts\" \/><\/a><\/p>\n<p>Follow<\/p>\n<\/div>\n<p>Katabella Roberts is a news writer for The Epoch Times, focusing primarily on the United States, world, and business news.\n<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Kraft Heinz\u00a0CEO Miguel Patricio warned that because of persistent inflation, there will be more price increases in 2023 amid ongoing challenges that are hampering the\u00a0food industry.\u201cWe\u2019ve already increased the prices<\/p>\n","protected":false},"author":1,"featured_media":1697968,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1712087","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1712087","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1712087"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1712087\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1697968"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1712087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1712087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1712087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}