Higher prices on coffee beans, meat and dairy products dented Kraft Foods' growth in the second quarter. The foodmaker's quarterly results came in at 80 cents a share, that's a couple cents short of expectations. Revenue grew less than 1% to a little over $4.7 billion, which was below estimates. It appears people shied away from the shelves when Kraft Foods decided to pass on some of the rising costs in raw materials to customers. CEO Tony Vernon said the entire food and beverage industry is facing challenges and Kraft Foods is not alone. He plans to focus on cost reduction and more innovative marketing in the second half of the year.
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