BUSINESSES should try to minimise price increases for consumers, according to the boss of
Inflation was "across the board" currently, unlike past years, Patricio said in an interview with
"We are raising prices, where necessary, around the world," he said. This has included price rises on more than half the company's products in the US, as well as across other markets. Raw material production, including crops and vegetable oils, dropped during the pandemic with supply unable to keep up with demand.
Manufacturers have also struggled with rising energy prices and a shortage of workers.
"There's a lot to come in technology to improve the effectiveness of farmers," Patricio said of the future. "I think it's up to us, and to the industry, and to the other companies to try to minimise these price increases," he added.
Lockdowns aided some of the brand's sales, despite causing problems that drove costs up, Patricio said.
"People are cooking far more than they were before," Patricio said.
His comments come as Tesco's
Out-of-stock levels are now twice as high as before the pandemic.
Retailers have been forced to de-prioritise deliveries of some bulky items - including bottled water - to ensure other items remain well-stocked.
(c) 2021 City A.M., source