Drought Prompts Kraft to Raise Its Food Prices
From Reuters
Chicago —
Kraft Inc. is raising prices because of the drought, President and Chief Operating Officer Michael Miles told analysts recently. “As a price leader, we feel confident the competition will follow us,” Miles said of the price hikes, but he did not quantify the extent of the increases.
“It’s too early to tell the effect of sticker shock on the consumer, or how long it will last,” he said.
