Kraft Heinz CEO Says More ‘Rounds of Price Increases’ Coming as Inflation ‘Will Continue’

A Heinz ketchup bottle sits between a box of Kraft macaroni and cheese and a bottle of Kraft Original Barbecue Sauce on a grocery store shelf in New York, on Mar. 25, 2015. Brendan McDermid/File Photo/Reuters

Kraft Heinz CEO Miguel Patricio warned that because of persistent inflation, there will be more price increases in 2023 amid ongoing challenges that are hampering the food industry.

“We’ve already increased the prices that we were expecting this year, but I’m predicting that next year inflation will continue, and as a consequence [we] will have other rounds of price increases,” Patricio said in an interview with CNN Business on Monday.