Del Monte to raise product prices again from October as margin pressures rise

CANNED food brand Del Monte Pacific will “selectively” raise the price of its products across its markets in the United States and the Philippines in October amid higher margin pressure brought about by higher costs and inflationary pressures, company executives said on Friday (Sep 9). 

In a call to discuss the company’s latest financial results for the first quarter ended July, chief financial officer of Del Monte’s subsidiary, Del Monte Philippines Inc (DMPI), Parag Sachdeva, said the company will raise the prices on categories where there are both opportunity and margin pressures. 

Luis Alejandro, chief operating officer of DMPI, said the prices of products in the Philippines will be raised by about 2.5 per cent to 3.5 per cent over October. DMPI’s price increase in Q1 was about 8.2 per cent on a year-on-year basis.