Benzinga | Oct 10, 2021 11:15PM EDT

Kraft Heinz CEO Sees Inflation 'Across The Board,' Says Higher Food Prices Are Here To Stay

Kraft Heinz (NASDAQ:KHC) CEO Miguel Patricio has said that the recent trend of higher food prices is here to stay.

What Happened: In an interview with the BBC, Patricio acknowledged that Kraft Heinz has raised the prices of more than half of its products in the United States, and similarly, across several economies. The reason for these hikes comes down to issues in the supply chain, with a lack of labor playing a key factor.

The ongoing COVID-19 pandemic has created supply shortages across the globe as the lockdown measures, combined will illness, have hampered the manufacturing sector, BBC noted. Patricio told BBC that inflation is "across the board," unlike previous years.

"We are raising prices, where necessary, around the world," Patricio said. "Specifically in the UK, with the lack of truck drivers. In [the] US logistic costs also increased substantially, and there's a shortage of labor in certain areas of the economy."

Earlier in the year, Reddit forum WallStreetBets dubbed the company a "saucy play," citing ketchup shortages across the United States.

Price Action: Shares of the Kraft Heinz Company were trading at $36.78 when the market closed on Friday, October 8, with the price expected to fall by $0.07 when trading resumes on Monday.

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