PepsiCo will cut prices on core brands such as Lay’s and Doritos by up to 15% following a consumer backlash against several previous price hikes, the snacks and beverage maker said on Tuesday after it topped fourth-quarter results.
As U.S. consumers struggle to afford essentials due to inflation and delayed food stamp benefits, companies such as P&G, Coca-Cola and PepsiCo have lowered entry price points to safeguard market share. “We’ve spent the past year listening closely to consumers, and they’ve told us they’re feeling the strain,” said Rachel Ferdinando, CEO of PepsiCo Foods U.S. The new prices will be on shelves this week.
