Company managing inflation with efficiencies, brand renovation
The head of Kraft Heinz’s U.S. business told CNBC on Wednesday that rising price pressures during the Covid pandemic have so far been “manageable” for the food and beverage giant.
“From our perspective, it looks manageable, the inflation that we’re seeing so far,” Carlos Abrams-Rivera said in an interview on “Power Lunch.” “For us it’s around mid-single digits in terms of our overall net inflation, and it’s really coming outside of our big three commodities of coffee, meat and cheese.”
Inflation has been one of the key concerns for the U.S. economy, as more activity resumes from pandemic-related disruptions.
Some companies, such as Coca-Cola, have raised the prices of their products to offset higher commodity costs. Data from the Labor Department shows that in May, consumer prices rose at their fastest pace since 2008.
Abrams-Rivera said Kraft Heinz has a “three-pronged approach” to manage inflationary pressures. The first, he said,…