Fans of football and fluorescent-orange fingers are getting a price break. PepsiCo says it's trimming the cost of its big-name chips—including Lay's, Doritos, Cheetos, and Tostitos—by as much as nearly 15%, with new prices starting to appear on shelves this week, just ahead of Super Bowl snack runs, NPR reports. The move follows consumer pushback after years of price hikes and a shift toward cheaper store brands. PepsiCo, which also owns Gatorade and Quaker, recently agreed with activist investor Elliott Investment Management to cut prices and shrink its product lineup by about 20% to strengthen its North American food business.
Since 2020, PepsiCo has been raising prices faster than its rivals, Reuters reports. The company promised Tuesday that size, quality, and taste would not be affected, and that the price cuts wouldn't have a short shelf life, USA Today reports. "This isn't a short-term price reduction—it's a long-term commitment to providing more value to consumers and a strong signal that PepsiCo understands what consumers are facing," the company said.
While retailers ultimately set shelf prices, PepsiCo's latest quarterly results, released Tuesday, showed snack volumes in North America slipping 1% even as revenue rose—a sign, CEO Ramon Laguarta told investors, that affordability is blocking lower- and middle-income shoppers. The company is also trying to lure customers with trendier options, from protein-packed Doritos to "better-for-you" Lay's and a forthcoming low-sugar, no-artificial-ingredient Gatorade.
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