2 snack food companies expected to raise prices next year
(CNN) - Everything seems more expensive these days, from gas to food.
Now two snack food companies said they’re going to raise prices.
Expect to pay more for things like Oreos and Easy Mac as Mondelez and Kraft Heinz charge more for their products.
Mondelez indicated on an earnings call it plans to raise prices on brands including Chips Ahoy, Ritz and Sour Patch Kids by 7% next year.
The company’s CEO says that’s to combat inflation, which he pegs at hitting 6% in 2022.
Meanwhile, Kraft is already reaping the benefits of charging consumers more. The company said its higher-than-expected profits came from raising prices on most of its products by 5%.
Expect those hikes to continue.
One grocery distributor reported it received a letter from Kraft indicating it plans to raise prices of some varieties of Jell-O Pudding by 16%, and some of its macaroni and cheese products will jump 20%.
The company reportedly warned prices on hundreds of its products will go up next year.
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