Food ingredients maker Tate & Lyle has become the latest firm to warn that it will have to raise the price of its products to tackle cost pressures arising from the war in Ukraine that has disrupted global commodity supplies.
Best known for its sweeteners, Tate & Lyle said the crisis was causing a “significant escalation” in raw material, energy and logistics costs, especially in Europe.
However, the British company, which also makes low-calorie ingredients for drinks, soups, sauces and baked goods, confirmed that it had agreements in place for most of the first half of this year for key raw materials such as corn and maintained its 2022 profit forecast.
In early February, Tate & Lyle had stated that renewed customer contracts for 2022 would help offset any inflation woes.
