Spiking raw material costs slash food company profits, more price hikes
More food companies in China are raising their prices as high global raw material costs have begun to offset their margins.
PepsiCo is said to be increasing prices for products under its popular snack brand Lay’s next month, according to an announcement earlier this week saying new prices will come into effect on April 15.
The decision is made based on “higher raw material and labor costs”, the company said.
PepsiCo has not ...