The breakfast cereal giant has announced it will hike the prices of products like Corn Flakes, Pop-Tarts and Pringles to protect margins amid expectations of high-cost inflation in 2022.
The Japanese snack giant has warned of a price rise next year, thanks to a poor potato harvest, a sharp increase in production costs raw material and logistics costs, and a weight reduction of some of its signature snacks.
Inclement weather in Canada and Europe is resulting in a spike in the price of raw material, which – along with increases in freight – is spiralling the durum wheat market ‘completely out of control’, according to Eurostar Commodities.
The Irish Association of Master Bakers (IAMB) has warned that, if the UK crashes out of the EU on March 29 without a deal, the price of bread could rise significantly in the country.
The wheat price has risen dramatically due to deteriorating crop prospects in EU and Russia caused by a prolonged, dry summer, forecast to send up the cost of the household staple.