Britons will soon have to pay more for kitchen essentials as Kraft Heinz has indicated for further price hikes.
The maker of Heinz Salad Cream, Heinz sauces and baked beans said that it would commence “managing inflation through pricing realisation and gross efficiencies” indicating price upgrades would be passed on to customers.
Prices on some products in the Kraft Heinz portfolio have already been raised by more than 12 percent this latest quarter, Evening Standard reported.
Reporting its second quarter results, Kraft Heinz said its net sales fell to £5.4 billion in the quarter ending June 25.
“We delivered yet another quarter of strong results as we continue to successfully navigate near-term headwinds, enabled by further advancements of our long-term strategy,” said Kraft Heinz boss and chair of the board Miguel Patricio.
“Though the environment remains fluid, we are better able to anticipate dynamic conditions, adapt to this constantly changing environment, and demonstrate our resiliency against new challenges. We are anticipating and adapting to changing market conditions while managing inflation through pricing realization and gross efficiencies, ” he added.
It comes a month after Kraft stopped supplying some products, including its signature tomato ketchup and baked beans, to the UK’s largest supermarket group Tesco after the retailer resisted price hikes. An agreement to restock has since been reached.
