""We've spent the past year listening closely to consumers, and they've told us they're feeling the strain," Rachel Ferdinando, CEO of PepsiCo Foods U.S., said in a statement Tuesday."
""People shouldn't have to choose between great taste and staying within their budget.""
PepsiCo will lower retail prices on its chip brands, including Lay's, Doritos, Cheetos and Tostitos, by up to nearly 15%, with new prices beginning to roll out this week ahead of the Super Bowl. Shopper shifting toward store brands and skipping snacks followed years of pandemic-era price increases and contributed to declining snack volume. PepsiCo plans to cut its product lineup by about 20% as part of an agreement with activist investor Elliott Investment Management. Retailers retain control over shelf prices. North American food volumes fell 1% even as overall sales grew, and affordability remains a key barrier for low- and middle-income shoppers.
Read at www.npr.org
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