PepsiCo says it’s received the message from shoppers who’ve complained about higher prices. The food giant is now dropping the cost of its chips — including Lay’s, Doritos, Cheetos and Tostitos — “by up to nearly 15%.”
PepsiCo on Tuesday said that its new retail prices on chips will start rolling out as soon as this week, ahead of the Super Bowl snack-shopping sprees.
The company is among many big-brand giants feeling shoppers reconsider their food budgets after years of stubborn inflation. Especially in the snack aisles, people have been turning to more store-brand options — or skipping those items altogether. That’s after food companies repeatedly raised prices after the pandemic, betting on shoppers’ brand loyalty.
“We’ve spent the past year listening closely to consumers, and they’ve told us they’re feeling the strain,” Rachel Ferdinando, CEO of PepsiCo Foods U.S., said in a statement Tuesday. “People shouldn’t have to choose between great taste and staying within their budget.”
The food giant — whose brands also include Gatorade and Quaker Oats — last month said it would lower prices to boost sales and reduce its product lineup by a fifth. This was part of an agreement the company struck with activist investor Elliott Investment Management to improve its North American food business.
