Goya CEO Says Inflation Is Forcing Company To Hike Prices

Goya CEO Bob Unanue revealed that the food company will hike prices due to inflation.

During an interview with Fox Business, the executive said that “inflation is here to stay at least for a good while and everybody has these costs.” Unanue also cited supply chain bottlenecks and labor shortages as factors exacerbating the higher price levels — which are now rising at a 6.2% pace for consumers.

Fox Business summarizes:

“We’re vertically integrated,” he said, noting that his company makes their own cans and bottles. “The cost of all those packaging materials have gone way up,” Unanue continued. 

He noted that the increased cost for raw and packaging materials is a contributing reason as to why prices for some products increased this year…

“We bring products like coconut water from Thailand [and] from Vietnam and a container with about 1300 cases of coconut water in it used to cost about $1800, $1.40 a case; it’s gone up to $20,000 to get on a container ship if you can,” he noted. 

In addition to transportation issues, like many other companies, Goya has been struggling to secure trucks and staff warehouses as well as production facilities… “We are running with less people,” Unanue said. “We are doing more with less.”

Other food companies have likewise been forced to raise prices.- READ MORE