PepsiCo Hikes Prices For 7th Consecutive Quarter; Profits Jump 14%

PepsiCo's revenue rose by 7% in the third quarter, despite lower demand, as the company continued to increase prices, Dee-Ann Durbin reported for the Associated Press (AP).

Pepsi raised prices by 11% in the July-September period, marking the seventh consecutive quarter in which the Purchase, New York-based company increased prices by double digits. I Photo: PepsiCo Facebook

Pepsi raised prices by 11% in the July-September period, marking the seventh consecutive quarter in which the Purchase, New York-based company increased prices by double digits. Sales volumes saw a 2.5% decline.

PepsiCo has attributed these price hikes to the higher costs of ingredients, such as cooking oil.

The company states that it is attracting customers with new products, like Doritos Spicy Pineapple Jalapeno chips, and through advertising, which is boosting brands like Gatorade.

Nonetheless, Frito-Lay North America saw a 0.5% decrease in sales volumes during the July-September period, as net prices increased by 8%. North American beverage sales volumes dropped by 6% as prices rose by 12%.

Sales volumes in Europe remained flat, and sales volumes in Latin America declined by 5%.

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