Del Monte to raise product prices by 6-7% to counter inflationary pressures

Singapore

CANNED food brand Del Monte Pacific 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.