Dirk Van de Put, CEO of American food giant Mondelez International, said on Tuesday,The company’s Oreo biscuits, Ritz biscuits and Sour Patch Kids will have their prices rising in the United States next year.He said: “At present, we expect that starting from 2022, prices in the United States will increase by 7%.”
Feng Pude said the company expects that due to rising commodity prices and transportation shortages, costs will rise by 6% next year. He said it has been difficult for retailers to maintain adequate product inventories, and the inventory is “far from reaching the level we hoped.”
He pointed out that these problems are global, but they are particularly prominent in the United States.
Mondelez International announced its third-quarter results on Tuesday, and sales in China, India and Brazil all rebounded.
The company’s earnings per share for the quarter were 71 cents, slightly higher than market expectations, and revenue increased from US$6.67 billion in the same period last year to US$7.18 billion, which was also better than market expectations.
The company also raised its full-year revenue forecast, which is currently expected to grow by 4.5%, better than the 4% previously expected.