Monday, October 11, 2021

CEO of Kraft Heinz: We have to get used to rising food prices

The CEO of Kraft Heinz said that the company is increasing the prices of its products in many countries and warned that costs in the food industry will probably only go up.

Miguel Patricio, a Portuguese-born businessman, said that inflation this time was widespread and that consumers will have to get used to higher food prices.

The owner of the multinational company added that it is the responsibility of companies to absorb part of the increase in costs, so not all increases in food should be passed on to the end buyer.

"The world's population is increasing while the amount of land on which to grow food is not," stated the CEO of the brand known globally for its flagship product, ketchup. 

He also mentioned that in the long term advances in technology will be of great help to farmers, according to the BBC.

As reported by BBC, research by ED&F Man revealed that companies such as Kraft Heinz, PepsiCo, and Nestlé could be forced to pass on this cost to the consumer.

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