The Globe and Mail reports in its Thursday, Nov. 5, edition that Maple Leaf Foods will increase the cost of its products in a bid to offset price inflation in fuel, feed, freight, packaging and poultry.
The Globe's Kate Helmore writes that Maple Leaf Foods plans to adjust its prices in the first quarter of next year in response to a "challenging external environment," chief executive officer Curtis Frank said in the company's third quarter earnings call on Wednesday. Maple Leaf said it had not yet announced the details of the price hike to its customers. The Globe notes that Maple Leaf products are found in 92 per cent of households across the country.
Maple Leaf is paying 8 per cent more for live poultry compared with the same period last year, Mr. Frank said, adding that chicken products account for 40 per cent of the company's overall sales. Fuel surcharges have also increased 17 per cent in the last quarter, alongside "near everything else," including labour, packaging and ingredients.
Mr. Frank said: "When you lump all those together, there's just more overhanging general inflation than we would have expected at this point in the year. We're going to have to address that early in the year next year."
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