While the Fed sits around and rearranges numbers, equations and definitions to try and couch what is obviously an ugly inflationary picture for the country, at least one company is giving it to people straight: PepsiCo.
The company reported earnings this morning, posting a 9% rise in its Q3 sales and offering up increased guidance as it keeps raising prices on both snacks and its flagship beverages.
The 12% increase it expects from full year organic revenue, noted by the Wall Street Journal this morning, comes at the hands of average prices rising an astonishing 17% from the year prior. The price hikes have also helped the company raise its profit outlook. It now expects per-share earnings growth of 10% for the year, the report notes.
The rise in prices has helped offset a “slight decline” in overall sales volume, the report says. This means that Pepsi is fighting the recession that the country is in with more inflation.- READ MORE