Del Monte to raise product prices by 6-7% to counter inflationary pressures
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CANNED food brand Del Monte Pacific D03 is set to raise prices of its products by 6 to 7 per cent on average in both its US and Philippines markets in 2022 as inflationary pressures weigh on margins, company executives said on Friday (Mar 11).
In a call to discuss the group's latest financial results, Parag Sachdeva, chief financial officer of Del Monte's subsidiary Del Monte Philippines Inc (DMPI), said that the percentage hikes reflect the prices that will be "taken in the coming quarters" versus the prices taken in 2021.
In response to a query on whether the price hike will cause Del Monte to lose market share to competitor brands, Gregory Longstreet, chief executive of Del Monte's US subsidiary Del Monte Foods Inc (DMFI), said he believes this will not be the case.
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