Kraft Foods to raise prices, CEO says

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.