Hormel to Raise Prices, Citing Costlier Pork, Beef and Nuts

Hormel Foods said its prices will go up, after rising costs for meat, nuts and other goods cut into its profit.

Take pork bellies: The company, which makes Spam, Jennie-O turkey and Planters nuts, said … that the cost of bellies used in bacon products have gone up 30% compared with last year. Wholesale pork in general was 10% higher.

“That run-up in commodity markets was both sudden, and it was major,” said Jeff Ettinger, Hormel’s interim chief executive, on a conference call Thursday. “To address commodity inflation, we are taking targeted pricing actions.”

To read more, please visit Yahoo! Finance.