Cookie Monster better tighten his belt!
The cost of Oreos and other popular snack foods will be going up in 2022.
A 19 ounce box of the black and white sandwich cookies — which currently sells at Ralphs in Santa Monica for $3.99 — will likely cost about seven percent more, its manufacturer revealed Tuesday.
Mondelez, which also producesChips Ahoy, Ritz crackers and Sour Patch Kids, says the price hike is necessary to offset higher commodity prices and transportation costs.
In an interview with CNBC, Mondelez CEO Dirk Van de Put also admitted that on shelf supply of his company’s most popular items is currently “nowhere near where we would like it to be.”
For the quarter ended September 30, Mondelez reported worldwide sales of its $7.4 billion.
“The average consumer around the world spends 15% more time at home than before,” Van de Put said. “It happens that these categories, biscuits and chocolate, are also something that is more consumed at home.”
The company expects full year revenue to grow by 4.5 percent next year.
And that’s a lot of cookies.
Read more: CNBC
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