facebook
twitter
rss
account
search
search
 

Kraft Foods to raise prices, CEO says

May 14, 2008 at 3:01 PM   |   Comments

NORTHFIELD , Ill., May 14 (UPI) -- Kraft Foods Inc. Chief Executive Officer Irene Rosenfeld said the Northfield, Ill., food giant will raise prices this year.

Company profits dropped in 2007 due to rising prices of corn, wheat, dairy and other commodities, Crain's Business Journal reported Wednesday.

At Kraft's annual shareholder meeting Tuesday, Rosenfeld said, "We'll see increased prices on a number of our products." Without naming the specific products that would see increased prices, Rosenfeld said Kraft would focus on profits in 2008.

Sales of Kraft products gained 8 percent in 2007 to $37.2 billion, but net earnings dropped 15 percent to $2.59 billion, Crain's reported.

© 2008 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Notable deaths of 2014 [PHOTOS]

Notable deaths of 2014 [PHOTOS]

Most Popular
1
Northrop Grumman developing reusable space plane for lifting spacecraft into orbit
2
Construction on Russian gas line to China slated for September
3
Corona Extra recalled due to glass particles in beer
4
Navy to test Lockheed Martin's FORTIS exoskeleton
5
Final builder sea trials for Australian landing helicopter dock ship
Trending News
Video
x
Feedback