PepsiCo Inc. said on Thursday it will not further raise prices of its sodas and snacks after multiple rounds of price hikes last year that helped the beverage giant post fourth-quarter profit and revenue ahead of analysts’ estimates.
A near duopoly in the carbonated drinks market with Coca-Cola Co. helped PepsiCo raise prices over the last few quarters with little pushback from consumers as it battles higher freight, commodity, and labor costs, as well as the impact of a stronger dollar on international revenue.
“We have most of our price increases for the year already in place,” PepsiCo Chief Financial Officer Hugh Johnston told Reuters, adding that a big percentage of pricing in 2023 would just be a carry over of the actions taken last year….