Maple Leaf Foods Inc. is raising prices for bacon, hot dogs and other prepared meats amid mounting losses from restructuring and a piglet-killing virus that has driven up costs.
The as-yet unknown price increase for its prepared meats follows a 14-per-cent rise in prices across the industry in the first part of the year. Chief executive officer Michael McCain said the moves should restore margins, but cautioned that there is a risk consumers would not pay the higher prices or that competitors would follow suit.
“Pork markets have been impacted in an unprecedented way due to a virus in the U.S. hog industry, which has renewed pressure from a sharp rise in raw material costs,” Michael McCain said.
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