Friday , January 21 2022

Consumers should expect higher food prices, says Kraft Heinz boss


Customers should expect to see higher food prices, according to the head of Kraft Heinz.

Miguel Patricio said the company “is raising prices, where necessary, around the world” of products, including ketchup and baked beans.

Mr Patricio said this was due to a shortage of lorry drivers in the UK and a shortage of labor and an increase in logistics costs in the US.

I think it is up to us and the sector and the other companies to minimize these price increases

Miguel Patricio, Kraft Heinz

He told the BBC consumers would have to live to pay more for food due to the growing population of the world and a lack of land to grow products.

But he also said that companies should adopt the cost increases, adding: “I think it is up to us and to the sector and to the other companies to minimize these price increases.”

Speaking about the reason behind the increases, Mr Patricio said: “Specifically in the UK, with the lack of truck drivers.

“In (the) US, logistics costs have also increased substantially, and there is a shortage of labor in certain areas of the economy.”

Kraft Heinz boss Miguel Patricio says the shortage of truck drivers in the UK is partly to blame for an expected increase in food prices (Heinz handout / PA)

(PA Media)

It’s also because inflation was “in general” in contrast to previous years, he said.

It comes amid fears over supply chain issues ahead of Christmas.

Business advisory firm BDO LLP said its research suggested that economic growth had been delayed for five months in a row due to disruption.

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