Kraft Heinz said on Wednesday it would hit pause on further price hikes for its quick-fix meals and condiments, as consumers turn increasingly sensitive to persistently high inflation.
The packaged food giant also forecast 2023 profit below Wall Street estimates, weighed down by more promotions and higher costs of commodities including dairy, soybean, oils and packaging materials.
Kraft’s move mirrors PepsiCo Inc. that last week said it would not raise prices any further, expecting some consumer pushback in the second half of the year.
But Coca-Cola Co., Dove Soap maker Unilever PLC and Procter & Gamble Co. have said they would keep hiking prices, showing the diverging paths consumer goods companies are taking to boost sales….