UK food prices to rise as pound drop stirs grocers dispute
But the company's finance chief, Graeme Pitkethly, said Thursday he's hopeful for the quick resolution of a dispute with supermarket giant Tesco that has resulted in stock being pulled from the store's website.
Pitkethly admitted as the company released results that "prices should start to increase to cover the cost of imported goods due to weaker sterling (pound)."
Unilever's reportedly attempted to raise prices after the pound plunged by nearly a fifth against the dollar since the June Brexit vote.
The drop comes as British supermarkets compete fiercely over who has the lower prices.(dpa)
Most read news
Other news from the department business & finance
Get the food & beverage industry in your inbox
From now on, don't miss a thing: Our newsletter for the food & beverage sector brings you up to date every Tuesday and Thursday. The latest industry news, product highlights and innovations - compact and easy to understand in your inbox. Researched by us so you don't have to.