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 Business News | October 2007 
Mexican Baker Bimbo Considers Raising Bread Prices
 Reuters
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Bimbo, which operates in 17 markets across the American continent and Europe, already raised prices by about 3 percent in August but said its cost of production was rising as wheat prices touched record levels.
Lower stocks of certain types of U.S. wheat after farmers there planted a huge corn crop amid strong demand from ethanol producers has led wheat prices to all-time highs.
"We are obliged to reflect those (prices)," Chief Executive Daniel Servitje told reporters.
He said Bimbo, which makes sliced bread and cakes, would complete a study of a price increase between now and November.
In the second quarter, Bimbo blamed lower profits on global grain prices.
Reporting by Anahi Rama, editing by Jacqueline Wong; frank.daniel.reuters.com@reuters.net |
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