Conagra expects to raise prices on more of its food products over the coming months even while acknowledging that those hikes are starting to hurt demand.
The maker of Slim Jim jerky and Hunts tomato sauce said Thursday that additional price increases will take effect over the next two quarters to help offset higher costs. Inflation-driven price hikes boosted the Chicago-based company’s sales in the three months ended May 29 but led to a 6.4% drop in volume.
Consumer companies must strike a delicate balance as they try to preserve margins in the face of the highest US inflation in four decades. Conagra’s hikes have so far trailed the pace of rapidly rising costs and it anticipates further price hikes to have more of an effect on shopper demand in the coming year.
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