Amcor to keep lifting prices as rate threat remains

The world’s largest consumer packaging company, says the $US1.1 billion ($1.7 billion) in price rises pushed through to customers in the past 12 months are unlikely to be topped this year, but warned inflation has not been tamed.

The company’s chief executive, Ron Delia, said while inflation in raw materials such as resin and aluminum was starting to slow, there was no indication that prices would start to come down, and the company would keep lifting prices to claw back cost increases.

Amcor operates 218 factories in 43 countries making bottles, plastic pouches, wrappers, and containers for food, beverages, and healthcare products. The group suffered an 11 percent slide in net profit after tax to $US1.089 billion ($1.69 billion) for the 12 months ended June 30 in a softening consumer environment. Revenues were flat at $US14.7 billion.

Mr. Delia said Amcor was still “pricing to compensate for inflation” and had been on the front foot in this regard.