PepsiCo Inc. beat estimates for quarterly revenue on Tuesday and raised its full-year forecast on steady demand for its sodas and snacks even in the face of several rounds of price increases.
Pandemic-induced disruptions to the global supply chain and runaway inflation have sent costs soaring on everything from aluminum cans to labor and shipping, forcing the packaged food industry to regularly raise product prices.
PepsiCo has said it could potentially raise prices later in the year if costs climb more than expected, but analysts and companies, including arch rival Coca-Cola Co., have warned that demand will likely slow as inflation shows no sign of cooling.
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