PepsiCo hikes price of potato chips in the UK after pound’s Brexit Vote decline

PepsiCo is set to increase the price of Walkers’ potato chip brand in the U.K. in the wake of the pound’s steep decline following the country’s vote to leave the European Union in late June. Walkers declined to confirm the increase when contacted by TheStreet. “Whilst our potatoes are British, we import a number of different ingredients and materials to produce a finished packet of Walkers crisps e.g. seasonings, oil for frying and key raw materials used in our packaging film,” a Walkers spokesperson said in an emailed statement. “Fluctuating foreign exchange rates, supply pressure on key ingredients and the weakened value of the Pound are impacting the import cost of some of our materials and affecting the price of material costs based on commodities that are traded in Foreign currencies,” the statement said. More