Increasing commodity costs have led food companies in the US to get ready for a further hike in the prices of their products, revealed the Financial Times. According to the US Department of Labor, for the year ended June 2008, food prices in the country have escalated by 5.3%. In June, food prices increased by 0.8% compared to 0.3% in May. Kraft Foods, Kellogg's, ConAgra, Sara Lee and Tyson are all expected to announce a hike in the prices of their products. CJ Fraleigh, Sara Lee's COO for North America, said: "Price increases vary a lot by type of products but the increases will be as low as zero and some products we will decrease on and other increases (will be) in excess of 20%." With meat prices rising to record levels, Bill Lapp of Advanced Economic Solutions, an agricultural consultancy, said: "Consumers are expected to...
[read full story]
Your Web Site
