campbell soup co.
Dec 8, 2022, 3:59 PM EDT
“The Snack that Smiles Back” just got a little bigger for its consumer base.
Everything from coffee to mustard will be getting more expensive next year as many food manufacturers say they intend to raise prices for a range of products from macaroni-and-cheese to snacks.
Manufacturers are facing the highest steel and aluminum prices in years, another hurdle for U.S. companies already struggling to make enough cars, cans, and other products.
Campbell Soup Co. warned that higher costs will eat into profits at a time when demand for its products is waning as the economy normalizes following the lifting of COVID-19 restrictions.
The iconic labels on the flagship product of Campbell Soup Co. are getting their first redesign in five decades.
Campbell's Soup, known for its soups, pasta sauces and snacks from brands like Pepperidge Farms and Prego, saw increased demand during the early days of the pandemic, however, sales of snacks fell 8% in the third quarter while sales of its soups and jarred pasta sauces dropped 14%, Campbell’s reported for its third-quarter earnings.