Kraft Heinz CEO Miguel Patricio said Monday he doesn’t see an end to rising inflation and supply chain problems any time soon.
“We have already increased the prices we expected this year, but I predict that next year inflation will continue, and therefore [we] will be other rounds of price increases,” Patricio told CNN Business.
A few months ago, the company raised its prices by 12.4 percentage points. However, Patricio said he tries to “minimize inflation on everything we do”, noting that it would be easy to drop prices on consumers, but such a move has consequences.
Kraft Heinz has also explored different packaging and pricing options, but “it’s a constant struggle” to try to keep costs down, which continue to grow, Patricio said.
A significant number of US CEOs do not have good economic prospects, according to a recent KPMG survey.
Ninety-one percent of respondents believe a recession is imminent, but CNBC international financial reporter Arabile Gumede recently explained that revised GDP figures show citizens are currently suffering from a recession, according to the technical definition.
The White House recently celebrated President Joe Biden’s (D) ‘Cut Inflation Act’ as consumer prices surged again the previous month, Breitbart News reported Sept. 13.
“The Bureau of Labor Statistics Consumer Price Index released Tuesday morning shows inflation in August was up a tenth of a percentage point from July and 8.3% year on year. previous,” the outlet said.
Meanwhile, 93% of registered voters are worried about soaring inflation and the state of the economy ahead of the midterm elections, according to a recent report. Politics/Morning Consult survey found.
“The inflation issue is likely to hurt Democrats in the midterm elections. Sixty-four percent say Biden’s economic and energy policies were very or somewhat responsible for inflation,” according to Breitbart News.