Reuters reports that B&G Foods Inc plans on raising list prices for the first time in three years and curb promotions. The food maker is known for its breakfast staple Cream of Wheat and snack brand Pirate's Booty.
The rise in prices will cover the cost of increased in freight. A B&G spokesperson said that freight costs ate into its 2017 income. So far, the prices will be raised about a dime.
B&G doesn't see the end of increased freight costs ending anytime soon, but strongly believes that the hike in prices will be able to cover the cost. The company has also seen the price of making canned good rise due to the new tariffs the Trump Administration have put on steel and aluminum, Reuters reports.
The company doesn't anticipate any further price increases this year.
