JOHANNESBURG - Premier Foods is the latest company to warn that food prices could rise, due to pressure from higher fuel prices sweeping the globe.
The Blue Ribbon owner says it may have to hike it's multiple products by 5 percent.
Premier is a leading producer and distributor of flour, sugar, maize, yeast and it makes Blue Ribbon bread.
The company delivered strong results on Wednesday.
Premier’s earnings increased by more than 27 percent and headline earnings rose by nearly 28 percent.
This was driven largely by its core Millbake division and the recent acquisition of Rhodes Food Group, which expanded its market reach.
The company also completed its new Aeroton mega-bakery, aimed at improving efficiency and boosting production capacity.
The CEO, Kobus Gerenbach, says some price hikes have already been unavoidable.