Is inflation taking a bite out of consumers’ budgets or are they still finding the funds to purchase their favorite snacks?
Yahoo Finance Executive Editor Brian Sozzi is joined by Mondelez International (MDLZ) CEO Dirk Van de Put to talk about the beverage and food company’s first-quarter earnings beat as consumers struggle to manage under price hikes from other brands and chains.
"We can detect that there is a group of consumers, particularly the lower-income consumers in the US, that are being affected by everything they see, interest rates, and the SNAP benefits that went away and so on. But snacking less? No, not yet," Van de Put says, later adding about price hikes: "We have the same going on for us in the sense that the inflation in our input cost didn’t ease this year. It’s right up there where it was last year, so another significant increase in our cost and we have to reflect that in our prices. So, it is not that we particularly want to increase our prices. we would prefer not to as you can imagine. But the inflationary environment is not easing at all."
Van de Put weighs in on where rising cocoa prices (CC=F) are showing up in snack prices as retail chains begin offering their own lines of products.
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