The owner of Pick 'n Save and Metro Market stores said they plan on raising prices this year, in response to inflation.
Kroger Co. chief financial officer Gary Millerchip said that much to analysts and investors at a conference last week, according to the Milwaukee Business Journal.
“We are passing along higher costs to the customer where it makes sense to do so,” said Millerchip. “We've been very comfortable with our ability to pass on the increases that we've seen at this point, and we would expect that to continue to be the case looking into the back half of the year.”
Cincinnati-based Kroger raised its prediction of the inflation rate to 2% to 3% in the second half of the year. CEO Rodney McMullen said the grocery business - with its small margins of income - usually performs best when inflation is 3% to 4%, the BizJournal reports.
Kroger officials did not announce any specifics on which products will cost more for shoppers.