PepsiCo plans to impose ‘modest’ price hikes on its products in 2024, according to reports.

“As we get into next year there will be some modest level of price increases coming,” Chief Financial Officer Hugh Johnston told Reuters in an interview.

Average prices jumped 11% in the quarter ended Sept. 9, while organic volume slipped 2.5%.

The company reported its Q3 and year-to-date results that showed a 8.9% revenue boost in 2023 so far.

Chairman and CEO Ramon Laguarta said: “We are pleased with our performance as our businesses and associates displayed tremendous agility and resilience across geographies and categories in an evolving and dynamic environment. 

“Given the strength of our businesses and categories and a continued focus on advancing our holistic cost management initiatives, we now expect our full-year 2023 core constant currency EPS to increase 13% (previously 12%) and continue to expect our full-year 2023 organic revenue to increase 10%.

“We believe that our businesses can continue to perform well in the coming years with category growth normalising, as we have made numerous investments in our brands, manufacturing capacity, go-to-market systems, supply chain, technology, and people, to execute against our strategic framework and modernise our company. 

“Therefore, we expect our full-year 2024 organic revenue and core constant currency EPS growth to be towards the upper end of our long-term targets as we advance towards our vision to become the global leader in beverages and convenient foods by winning with pep+.”