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Kraft Heinz plans to jack up prices on popular products including Jell-O, Kool-Aid, Velveeta cheese, and Ketchup - with cost of Oscar Meyer hot dogs jumping 30% as inflation bites

• Kraft Heinz warned of the price increases in a letter to wholesalers this week 
  
• Lamented that 'inflation continues to dramatically impact the economy' 
  
• Company said its turkey bacon will jump by 30% and beef hot dogs by 10%
  
• Some Kool-Aid and Capri Sun drink packs will increase by about 20% 
  
• Kraft Heinz says that supply shortages and higher costs forced its hand 
  
• Many major companies have moved to raise prices, spurring higher inflation 
  

By Keith Griffith For Dailymail.com
Published: 15:13 EST, 27 January 2022 | Updated: 01:34 EST, 31 January 2022


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Quote:acked food giant Kraft Heinz has warned wholesalers that prices on some of its most popular items are about go up, as inflation continues to impact a wide range of household goods.
In a letter to wholesale suppliers this week, the company warned that it is preparing to increase prices on a wide range of consumer staples starting in March, CNN Business reported. 
The increases include a 6.6 percent hike on 12oz Velveeta Fresh Packs and a 30 percent jump for a three-pack of Oscar Mayer turkey bacon. 
Meanwhile, the company's cold cuts and beef hot dogs will go up around 10 percent, coffee will rise 5 percent, and some Kool-Aid and Capri Sun drink packs will increase by about 20 percent, the letter said.
A Kraft Heinz spokesman told DailyMail.com in a statement: 'Based on the on-going and unprecedented global supply shortages, coupled with other extreme inflationary pressures on ingredients, labor and transportation, we have been forced to take actions that will help offset escalating costs.'






Kraft Heinz CEO Miguel Patricio poses for a photo. Kraft Heinz says that prices on some of its most popular items are about go up, as inflation continues to impact a wide range of household goods
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'This is in no way unique to our business as the entire industry is facing the same challenges, and the actions we’ve taken are in line with what we’ve shared in our public filings throughout 2021,' the spokesman added.  
The spokesman said that the price increases mentioned in the letter 'were not a sweeping action across our portfolio and applied specifically to products experiencing the greatest cost pressures.'
The company pointed out that it only sets prices for its wholesale customers, and that retailers have sole control over the prices that consumers pay at the register.
The spokesman also said that Kraft Heinz is taking other steps to 'combat inflation', including adding larger package sizes and more affordable price points on some items.
'As we enter 2022, inflation continues to dramatically impact the economy,' the company said in the letter dated January 24 to at least one of its wholesale customers, according to CNN Business.   
The company's move comes amid soaring inflation, with the consumer price index hitting a 40-year high of 7 percent in December.


Annual inflation hit 7 percent in December, the highest 12-month increase since June 1982


Sharply higher raw materials costs, along with a labor shortage and ongoing disruption in the supply chain, have forced many businesses to jack up prices for consumers. 
Next month, Proctor and Gamble plans to jack up its prices by 8 percent for Tide and Gain laundry detergents, Downy fabric softener and Bounce dryer sheets. 
Meanwhile, Domino's Pizza says it will cut the amount of wings in its usual $7.99 carry-out offer from 10 to eight pieces, as it battles 'unprecedented increases' in food costs due to inflation.
Little Caesar's raised the price of its iconic $5 Hot-N-Ready pizza to $5.55 - an 11 percent increase and its first price hike in nearly 25 years. The company, however, says it will offer 33 percent more pepperoni. 


Inflation, or rising prices, has been a concern for the U.S. economy since the economy began to reopen from pandemic restrictions, and soaring demand banged up against supply constraints.
Federal Reserve Chair Jerome Powell on Wednesday signaled that the central bank would begin raising interest rates in March, taking a surprisingly hawkish turn that sent markets tumbling.
The Fed's pandemic-era financial largesse of bond-buying stimulus and record-low interest rates helped the global recovery and fuel a two-year equity rally, but the easy money policies also spurred high inflation. 
The Fed views a controlled amount of inflation as good, because it encourages spending and business investment, rather than hoarding cash. 
But out-of-control inflation can be dangerous, eroding the spending power of consumers and hitting low-income families and elderly pensioners the hardest. 

Slowjoenomics kicking in!!!