IFF CFO sees ‘meaningful’ cost increases next year

International Flavors & Fragrances (IFF) expects another “meaningful round of cost increases from inflation that’s going to be concentrated, in our view, in raw materials, soy, oils, and certain commodity groups such as agricultural grains where we’re seeing pretty significant inflation,” CFO Glenn Richter said. The big ingredient maker’s inflation outlook, which stems from a “very deep” look ahead that the company is currently undertaking, suggests some moderation in rising costs, he said. “Overall we are expecting [inflation] not to the same degree as 2022, but we are expecting additional inflationary pressures next year,”