Food prices set to soar even MORE: Kraft, Tyson and McDonald's owners say higher fuel, labor and ingredient costs will be passed on to customers t.co/QcRLkVgTSt via @MailOnline
— WTF (@chrisalbertell1) June 12, 2022
The already exorbitant prices American consumers are spending on groceries is expected to increase even more as company executives continue to pass on the high costs of fuel, labor and ingredients onto shoppers.
Executives at companies like Kraft Heinz, Tyson Foods and even eateries like McDonalds have announced they will continue to raise prices, as they face these higher costs, according to the Wall Street Journal.
Kraft, for example, notified retailers on Monday that it would raise prices in August on items ranging from Miracle Whip and Classico pasta sauce to Maxwell House coffee products and some deli meats.
Cory Onell, the company’s chief sales officer, wrote to investors that the persistent increase in costs makes it necessary to announce price increases.
And executives at McDonalds and Tyson Foods said they will soon have to increase their prices even more amid high costs of production as high fuel costs make it more expensive to produce and sell food.
🌾 Global food prices are soaring. Rice could be next
The United Nations’ Food and Agriculture Organization Food Price Index already shows international rice prices creeping up for the fifth straight month to reach a 12-month high.t.co/UU9c7cZFAz pic.twitter.com/bR2hzTegSK
— PiQ  (@PriapusIQ) June 13, 2022