Strauss Group, one of the country’s largest food product manufacturers, says it will launch another round of price hikes on some of its products, mainly coffee and chocolate products, citing a continued increase in the costs of raw materials.
Prices will increase on July 1 and will affect 15% of the food manufacturer’s products. The cost of chocolate bars will rise by up to 15.8%, and cocoa powder by up to 16%. The price of Turkish coffee will increase by up to 5%, coffee beans by up to 6%, and instant coffee by up to 8%.
It marks the second round of increases this year after Strauss raised prices in January. The food manufacturer says coffee and cocoa prices, and the cost of Robusta and Arabica coffee beans have jumped by up to 49% in the last six months.
Strauss states that the price update only partially compensates for the costs of raw materials.
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