PepsiCo has warned that the Iran war might increase the cost of its food and drinks, after launching a campaign to cut prices for inflation-weary consumers just months ago.
The US food giant on Thursday reported a rebound in its salty snacks business in its most recent quarter, with stronger sales of brands such as Doritos and Lay’s in response to price cuts and the rollout of products with more natural ingredients.
But on a call with analysts, chief financial officer Steve Schmitt said “our assumption is that inflation will come”. PepsiCo’s quarter ended in late March, after the US and Israel launched a war on Iran that has driven up oil prices and disrupted fertiliser supplies.
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