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Big companies in the West warn of rising food prices in 2023 KXan 36 Daily News

Date: December 10, 2023 Time: 23:53:59

“Inflation rose to unprecedented levels, pressure on the cost of living intensified and the effects of geopolitical tensions were felt around the world,” said Schneider, quoted by the Axios portal.

The past year brought many challenges and difficult decisions for families, communities and businesses, he said. This year’s price increase will vary by market and category, and will only be implemented when “inflation of production costs justifies it.”

Schneider believes that the giants of the food market are still in a situation of recovering gross margins. Like consumers around the world, businesses have also been hit by inflation and are now trying to undo the damage.

The company raised prices by 8.2% in 2022, but it was still not enough to offset costs, the chief executive said.

Economist Nathan Bomey estimates that when faced with rising commodity prices and rising wages, companies are “walking the tightrope of pricing strategy to try to increase profits without scaring off customers.” “.

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Hansen Taylor
Hansen Taylor
Hansen Taylor is a full-time editor for ePrimefeed covering sports and movie news.

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