Your Snacks Are Getting More Expensive. Blame These Big Food Companies, Not Inflation.
July 28, 2023
Business Insider
Despite food inflation supposedly slowing down, major food companies like Nestlé, Coca-Cola, and PepsiCo have continued to raise prices significantly, outpacing the overall food inflation rate. Nestlé, the maker of KitKat and NesCafe, raised prices by 9% in the first half of 2023, while Coca-Cola and PepsiCo’s average selling prices were 10% and 15% higher, respectively, during their second quarter. These price increases have led to higher profits for the companies, but some consumers are turning to alternative options, including private label brands and stores like Dollar General, to cope with rising food prices.
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