Steve Cahillane, chief executive officer of Kellogg’s said that, the company is finally expecting to crumple amid the worsening inflation, which has been lingering the supply chain disruptions, along with strike of workers, a plant fire and also the war between Russia and Ukraine.
In spite of the new challenges, the company has also posted a gain of 15 percent in the earnings of the first quarter of 2022. In a call with the analysts, the CEO of the company also said that, the increase in the prices is going to be expected particularly given to the level of the price increases by the packaged food industry for cushioning the hit to the profit margins of the company.
The Consumer Price Index of the company has also reported an increase of 10 percent in the food-at-home prices in the month of March 2022 from a year before. The overall inflation has increased to an increase of 8.5 percent for around four-decades.
The chief executive officer of Kellogg’s said, ultimately in a situation like this, which is clearly have not seen in around 40 years and they are not going to be able to just not pass the prices through to the consumers, and the productivity is just simplifying that, it cannot cover this type of the inflation.
The company has also warned that, the impact of the worker strike and a plant fire in the year 2021 is going to be felt at least in the first half of 2022.
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