The makers of top food and consumer goods brands plan to raise prices in the spring, dashing shoppers’ hopes for a quick drop in their grocery bills.
Kraft Heinz (KHC) said in a recent letter to its customers that it will raise prices in March on dozens of products, including Oscar Mayer cold cuts, hot dogs, sausages, bacon, Velveeta cheese, Maxwell House coffee, TGIF frozen chicken wings, Kool-Aid and Capri Sun drinks.
The increases range from 6.6% on 12oz Velveeta Fresh Packs to 30% on a three-pack of Oscar Mayer turkey bacon. Most cold cuts and beef hot dogs will go up around 10% and coffee around 5%. Some Kool-Aid and Capri Sun drink packs will increase by about 20%.
“As we enter 2022, inflation continues to dramatically impact the economy,” Kraft Heinz said in a letter dated January 24 to at least one of its wholesale customers that was viewed by CNN Business. The wholesaler shared the letter on the condition of anonymity to protect the company’s relationship with its suppliers.
Kraft Heinz is the latest consumer manufacturer to announce plans to boost prices early in the year. Last week, Procter & Gamble (PG) said that it was raising prices for its retail customers by an average of about 8% in February on Tide and Gain laundry detergents, Downy fabric softener and Bounce dryer sheets. Conagra (CAG), which makes such brands as Slim Jim, Marie Callender’s and Birds Eye, recently said it will raise prices later this year as well.
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