Ocean Spray CEO Warns of Rising Thanksgiving Food Prices: 'Costs Will be Going up on Cranberry Sauce'
Appearing Monday on the Fox Business Network’s Mornings with Maria, Ocean Spray Cranberries CEO Tom Hayes warned that prices for his company’s products will rise ahead of the Thanksgiving holiday.
A transcript is as follows:
MARIA BARTIROMO: We are just three weeks away from Thanksgiving in an environment of inflation. Food prices are on the rise and we have supply chain issues. What can we expect the cost to be to serve Thanksgiving meal with all of the fixings? Ocean Spray reports that it will harvest 6.6 million barrels of cranberries this season. What are you expecting in terms of the pricing?
TOM HAYES: Like everybody else, our costs have gone up and we have passed some of that cost, not all of it, to consumers and customers. It’s a tough environment all around, so costs will be going up on cranberries, cranberries sauce, but we don’t have a plentiful supply. We have 6.6 million barrels that we anticipate to harvest this year.