PepsiCo will lower retail prices on its chip brands, including Lay's, Doritos, Cheetos and Tostitos, by up to nearly 15%, with new prices beginning to roll out this week ahead of the Super Bowl. Shopper shifting toward store brands and skipping snacks followed years of pandemic-era price increases and contributed to declining snack volume. PepsiCo plans to cut its product lineup by about 20% as part of an agreement with activist investor Elliott Investment Management. Retailers retain control over shelf prices. North American food volumes fell 1% even as overall sales grew, and affordability remains a key barrier for low- and middle-income shoppers.
""We've spent the past year listening closely to consumers, and they've told us they're feeling the strain," Rachel Ferdinando, CEO of PepsiCo Foods U.S., said in a statement Tuesday."
""People shouldn't have to choose between great taste and staying within their budget.""
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