Del Monte to raise product prices by 6-7% to counter inflationary pressures
Singapore
CANNED food brand Del Monte Pacific is set to raise prices of its products by 6 to 7 per cent on average in both its US and Philippines markets in 2022 as inflationary pressures weigh on margins, company executives said on Friday (Mar 11).
In a call to discuss the group's latest financial results, Parag Sachdeva, chief financial officer of Del Monte's subsidiary Del Monte Philippines Inc (DMPI), said that the percentage hikes reflect the prices that will be "taken in the coming quarters" versus the prices taken in 2021.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Top HSBC shareholder Ping An exploring ways to cut US$13 billion stake
Gazelle Ventures’ cash offer for No Signboard closes with 0.5022% valid acceptances
Dow briefly sprints past 40,000-mark on earnings boost, rate-cut bets
Goldman strikes US$43 billion investing deal for UPS pension funds
US: Wall Street opens nearly flat after CPI-driven rally
Blackstone to buy Priority Software stake in biggest Israel deal