The maker of cabinet staples Heinz Salad Cream, Heinz sauce and baked beans says it will begin to “manage inflation through pricing and gross efficiency” indicating a price upgrade. will be passed on to men and women on the street. Prices for several products in the Kraft Heinz portfolio have increased by more than 12% in the most recent quarter.

Reporting second-quarter results, Kraft Heinz, who also owns the Cadbury confectionery business, said its net sales fell to $6.55 billion (£5.4 billion) in the quarter ended in June 25, from $6.62 billion a year earlier.

“We have achieved another quarter of strong results as we continue to successfully navigate near-term difficulties, supported by further progress in our long-term strategy.”

“While the environment remains flexible, we can better predict dynamic conditions, adapt to this constantly changing environment, and demonstrate our resilience to new challenges. We are anticipating and adapting to changing market conditions while managing inflation through price determination and overall efficiency,” he added.

Last month, Kraft stopped supplying some products, including its signature ketchup and baked beans, to Britain’s largest supermarket group Tesco after the retailer resisted price increases. An agreement for the supplement has since been reached.

Shares of Kraft Heinz fell 7% after its results were announced.