PURCHASE (dpa-AFX) - In a move to address consumer frustrations over rising food prices, PepsiCo (PEP), the global food and beverage company, has announced that it will reduce the prices of its popular snack brands by up to nearly 15%.
The new retail pricing, which will include products like Lay's, Doritos, Cheetos, and Tostitos, will be rolled out as early as this week, just in time for the Super Bowl snack-buying season.
The decision comes as shoppers have been rethinking their food budgets due to persistent inflation. In the snack aisle, many consumers have shifted to store brands or cut back on purchases altogether, following repeated price hikes by major food companies since the pandemic.
PepsiCo Foods U.S. CEO Rachel Ferdinando stated that the company has been listening to consumers who have expressed financial pressure, adding, 'People shouldn't have to choose between great taste and staying within their budget.'
As part of a deal with activist investor Elliott Investment Management, PepsiCo, whose portfolio also includes Gatorade and Quaker Oats, recently announced plans to lower prices, streamline its product lineup by about 20%, and focus on boosting sales in North America.
The company reported that food volumes in North America fell 1% in the latest quarter, even as overall sales rose. CEO Ramon Laguarta noted that affordability remains the biggest barrier for low- and middle-income shoppers, prompting the company to balance price cuts with new product innovations.
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