(KFT) Maxwell House and Other Food Brands
Kraft Foods raised prices worldwide in the fourth quarter of last year.
Then in May Kraft hiked the price of its Maxwell House coffee by 22%, or 70 cents per pound, the largest of four price increases in a year.
Kraft's consumer prices have soared around 56% since May 2010.Also in May, Kraft said it raised its product prices by 3.7%, hoping to offset a 7% surge in ingredient costs. Kraft, the maker of popular consumer food products under the Nabisco, Oscar Meyer, Cool Whip, Jell-O, Dentyne and Wheat Thins brands, among many others, may raise prices again this year as commodity costs continue to rise, according to June 3 reports. "We've implemented a first round of pricing; however, at current cost levels, further pricing may be necessary later in the year," management said.