Kraft Heinz CEO: Get Used to High Prices

Oct. 13, 2021
Consumers may have to get used to higher food prices in the long term, the head of Kraft Heinz said in a recent interview.

Consumers may have to get used to higher food prices in the long term, the head of Kraft Heinz said in a recent interview.

CEO Miguel Patricio told the BBC that a variety of factors, including high prices for ingredients and a labor shortage, are driving up the price Kraft Heinz must charge for its products. "We are raising prices, where necessary, around the world," he said.

Patricio said that Kraft Heinz would try to absorb higher costs as much as possible: "I think it's up to us, and to the industry, and to the other companies, to try to minimize these price increases."

He said the pandemic had some upsides for the company, mostly motivating consumers to eat at home. One effect was increasing demand for ketchup packets used in takeout orders. Kraft Heinz expanded production of them by 30%, despite that this works against the company’s long-term goal of reducing plastic waste.

Sponsored Recommendations

Learn About: Micro Motion™ 4700 Config I/O Coriolis Transmitter

An Advanced Transmitter that Expands Connectivity

Micro Motion™ G-Series Coriolis Flow and Density Meter

Micro Motion G-Series: market-leading compact design featuring advanced process diagnostic capability.

Embracing Sustainability using Advanced Measurement Instrumentation

A practical guide to greeningyour brewing operationsusing advanced measurementinstrumentation.

Get Hands-On Training in Emerson's Interactive Plant Environment

Enhance the training experience and increase retention by training hands-on in Emerson's Interactive Plant Environment. Build skills here so you have them where and when it matters...