On the heels of Mondelēz International Inc. third-quarter earnings report, Mondelēz chairman and chief executive Dirk Van de Put told CNBC's Closing Bell that his company could start the new year with a 7% price increase in the United States.
Van de Put told CNBC that the company expects cost inflation to jump 6% in 2022 thanks to higher commodity prices and transportation shortages. He added that keeping retailers well-stocked with product has been difficult and that on-shelf inventory is “nowhere near where we would like it to be.”
While supply chain issue are global, Van de Put said they are particularly pronounced in the U.S.
The Mondelēz chief told CNBC that the average consumer, worldwide, now spends 15% more time at home, where biscuit and chocolate products are consumed.
Click here to read CNBC's interview with Van de Put.
Mondelēz reported that its net revenue for the third quarter, ended Sep. 30, increased to $7.18 billion from $6.67 billion a year ago.