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财经外刊精读 · 互动版 PepsiCo to raise some prices after cuts failed to grow sales · Bloomberg

2026 年 9 月 25 日 · 星期五 本期：消费品定价 · 通胀 · 零售渠道

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PepsiCo is raising prices on Doritos, Ruffles, some dips and sodas only months after cutting them, saying chip prices will rise by a low-to-mid single-digit percentage. Its affordability push failed to lift volumes.

百事公司正上调多力多滋、乐事 Ruffles 以及部分蘸酱与汽水的价格——而几个月前它才刚刚降过一次；公司称薯片涨幅为低至中个位数百分比。它此前主推的「更买得起」策略，并没有换来销量回升。

single-digit %
Chip price increase — what PepsiCo has told retailers to expect; the company calls it aligned with inflation.
薯片提价幅度——百事通知零售商的预期水平，公司称这与通胀水平相当。
up to 15%
February’s price cut — the discount given to key chip brands after some bags topped US$7.
今年 2 月的降价——部分薯片每袋售价超过 7 美元后，百事对主力品牌给出的折扣。
−2%
North American food revenue — the decline in the quarter reported in July; volumes were flat.
北美食品业务营收——7 月财报中的降幅；同期销量持平。
≈ −10%
PepsiCo shares — how far the stock has fallen this year; it slid as much as 0.8% on the report.
百事股价——今年以来累计跌幅；彭博报道当天一度下跌 0.8%。
$3.30 → $3.75
Fritos canned dips — the new shelf price at Dollar General, a 13.6% rise.
Fritos 罐装蘸酱——在 Dollar General 的新标价，涨幅 13.6%。
+0.4%
US consumer price index — August’s monthly rise, adding to fears inflation is not cooling.
美国消费者价格指数——8 月环比涨幅，加剧了通胀未降温的担忧。

原文精读 · Full Text

20 段（含标题）。点每段右上角的「译」展开中文翻译与结构配色；图片与图表都已就近排在对应段落之后。
颜色 = 句子成分，中英同色表示对应
主语 Subject 谓语 / 动词 Verb 宾语 · 表语 Object 从句 · 非谓语 Clause 状语 Adverbial 插入语 · 引述 Attribution
TITLE
PepsiCo to raise some prices after cuts failed to grow sales
百事公司将上调部分商品价格——降价未能带动销量之后，价格又掉头向上
PARA 01
PepsiCo Inc. is raising prices on some chips, soda and dips just months after pledging to make its snacks more affordable.1
百事公司正在上调部分薯片、汽水与蘸酱的价格——而就在几个月前，它才刚承诺要让自家零食更「买得起」
A close-up of plain potato chips — the product whose price is now heading back up.
A close-up of plain potato chips — the product whose price is now heading back up. 原味薯片特写——正是这次价格掉头向上的那类商品。 Unsplash 无版权图库素材（非新闻原图），仅作示意。
PARA 02
The company is expected to increase the prices on grocery-store-sized bags of chips, including Doritos and Ruffles which had been cut earlier this year according to people familiar with the plans.
该公司预计将上调超市规格袋装薯片的价格，涉及多力多滋与乐事 Ruffles——这两款今年早些时候刚刚降过价，知情人士称。
PARA 03
The price increases which will extend to other brands, including SunChips are expected to go into effect at the end of this year or early 2027 according to the people, who asked not to be named because they are not authorized to speak publicly.
这轮涨价还将波及 SunChips 等其他品牌，预计生效时间为今年年底或 2027 年初（这些人士因无权公开发言而要求匿名）。
PARA 04
The prices of certain chips will go up by a low-to-mid single digit percentage, aligned with inflation2 a spokesperson for PepsiCo said.
部分薯片的价格将上涨低至中个位数百分比，与通胀水平相当，百事公司发言人表示。
PARA 05
adding that the new prices will be lower than where they were prior to the price cut earlier this year. The company is still working to maintain lower prices where it can and remains committed to its affordability effort the spokesperson said.
发言人补充说，新价格仍将低于今年早些时候降价前的水平。该公司仍在尽可能维持较低的价格，并继续坚持它那套「买得起」的策略，该发言人表示。
PARA 06
PepsiCo shares3 fell to a session low following Bloomberg’s report declining as much as 0.8 per cent at 10:54 a.m. Thursday in New York.
百事股价下跌，在彭博报道后一度下探当日低点，纽约时间周四 10:54 跌幅最多达到 0.8%。
PARA 07
The stock has dropped almost 10 per cent this year.
该股已下跌近 10%（今年以来）。
PARA 08
PepsiCo is under pressure to grow sales in North America but heightened costs and an increasingly strained United States consumer are challenging its efforts.
百事正承受在北美做大销售额的压力，但走高的成本，以及越来越吃紧的美国消费者，正在挑战它的努力。
PARA 09
The prices of its chips in particular have come into focus after the company lost shelf space because they had gotten too expensive.4
其薯片的价格尤其成了焦点，因为在价格涨得太高之后，公司丢掉了货架位。
A grocery aisle in the US — shelf space is the prize PepsiCo’s price cuts were meant to win back.
A grocery aisle in the US — shelf space is the prize PepsiCo’s price cuts were meant to win back. 美国超市的货架通道：百事此前降价，正是为了把这些货架位抢回来。 Unsplash 无版权图库素材（非新闻原图），仅作示意。
PARA 10
In February PepsiCo said it was cutting prices by as much as 15 per cent for key chip brands in a bid to boost sales that had faltered after prices got too high with some chips topping US$7 a bag.
今年 2 月，百事表示将对主力薯片品牌最多降价 15%，以求提振因价格过高而走弱的销量，此前部分薯片每袋售价已超过 7 美元。
The price rollercoaster of one bag of chips (schematic) From 'over $7' to a cut of up to 15% in February, then rises of 'low-to-mid single digits' — still below the pre-cut price $7.20 2025 peak $6.10 After the February cut $6.45 After this round of rises
Chart 1 | The chip-price round trip: up, then down, then up again (illustrative)Schematic: starts from the article's 'some bags above $7' and applies the stated 'up to 15% cut' and 'low-to-mid single digit' increases; not official company pricing.
PARA 11
But the company saw a two per cent decline in revenue in its North American food business5 and flat volume6 in its most recent earnings in July.
但该公司在北美食品业务营收下滑 2%、销量持平，这是它 7 月发布的最近一份财报。
PARA 12
PepsiCo chief executive Ramon Laguarta said the consumer was under more strain than expected due to higher gas prices.
百事首席执行官拉瓜尔塔（Ramon Laguarta）表示，消费者承受的压力超出了预期，原因在于汽油价格上涨。
PARA 13
PepsiCo is also raising prices this week on some dips, including extra-large and extra-extra large jars of Tostitos salsa and Fritos canned dips according to a memo viewed by Bloomberg News.
百事本周也在提价，涉及部分蘸酱，包括超大罐与超超大罐的 Tostitos 莎莎酱、以及 Fritos 罐装蘸酱，彭博看到的调价备忘这样写道。
PARA 14
At Dollar General stores the extra-large Tostitos salsa jars are now priced at US$4, up from US$3.80 while the extra-extra large jars are now US$5.50, up from US$4.95.
在 Dollar General 门店，超大罐 Tostitos 莎莎酱现价 4 美元，此前为 3.80 美元，而超超大罐现价 5.50 美元，此前为 4.95 美元。
Dollar General shelf prices for dips Shelf prices as disclosed, increases of 5.3% - 13.6% Tostitos Salsa, large tub +5.3% $3.80 → $4.00 Tostitos Salsa, extra-large tub +11.1% $4.95 → $5.50 Fritos canned dip +13.6% $3.30 → $3.75
Chart 2 | What the dips actually cost at Dollar General nowSource: the pricing memo cited in the article and Dollar General shelf prices (Bloomberg, 24 Sep 2026). Increases computed from shelf prices.
PARA 15
The Fritos canned dips increased to US$3.75 from US$3.30
Fritos 罐装蘸酱涨价了，从 3.30 美元涨到 3.75 美元。
PARA 16
The company is additionally expected to increase prices on some sodas and has warned some retailers of the upcoming price hikes7 according to people familiar with the matter.
该公司预计还将上调部分汽水的价格，并已就即将到来的提价通知了部分零售商，知情人士称。
Iced soft drinks — PepsiCo has also warned retailers of increases on some sodas.
Iced soft drinks — PepsiCo has also warned retailers of increases on some sodas. 冰镇软饮：百事同时也通知了部分零售商，部分汽水将提价。 Unsplash 无版权图库素材（非新闻原图），仅作示意。
PARA 17
PepsiCo declined to comment specifically on price increases impacting dips and soda but said it was balancing low prices with the company’s long-term finances
百事拒绝就涉及蘸酱与汽水的涨价具体置评，但表示它需要在低价与公司长期财务表现之间做平衡。
PARA 18
Other food companies including Campbell’s Co. and Conagra Brands Inc. have said they are raising prices in the face of a sustained increase in energy and fertilizer costs as well as tariffs on imports8
其他食品公司包括金宝汤与康尼格拉，已经表示正在提价，以应对能源与化肥成本的持续上涨，以及进口关税。
PARA 19
Earlier this month the U.S. Bureau of Labor Statistics reported the consumer price index rose 0.4 per cent in August9 adding to concerns that inflation isn’t abating
本月早些时候，美国劳工统计局公布，8 月消费者价格指数上涨 0.4%，这进一步加剧了通胀尚未降温的担忧。

核心术语 · Glossary

编号与正文上标一一对应，点正文里的数字可跳到对应卡片。默认只显示英文解释（练阅读）；想看中文，点卡片标题。
1affordability/əˌfɔːdəˈbɪləti/ 点击看中文解释 ↓

Whether ordinary shoppers can comfortably pay for something. If a snack is affordable, it does not feel too expensive for the family that buys it every week.

Why it matters here ▸ PepsiCo pledged in February to make its snacks more affordable — and is now taking part of that back.

「买得起」的程度：普通消费者能不能不心疼地掏钱。对每周都要买零食的家庭来说，价格不至于让人犹豫，就叫 affordable。

拓展知识：零售业谈 affordability，常常同时看三件事：绝对价格（一袋多少钱）、单位价格（每 100 克多少钱）、占收入比例。企业降价的目的一般有两个：抢回销量，或者抢回货架位。百事 2 月两样都想要——降价的同时还谈下了「双位数增长的货架位」；但几个月后销量没起来，只好把价格往回提。判断一个降价动作成功与否，别看价格，看销量。
Extended note: Watch volume, not price, when judging a price cut: a discount that leaves volumes flat has simply given away margin.
2inflation/ɪnˈfleɪʃn/ 点击看中文解释 ↓

The rate at which prices in an economy rise over time. When inflation is 3%, the same basket of goods costs 3% more than a year earlier.

Why it matters here ▸ PepsiCo uses inflation as the yardstick for its increase: a low-to-mid single digit percentage, “aligned with inflation”.

通胀：一个经济体里物价整体上涨的速度。通胀 3% 意味着去年 100 元能买的东西，今年要 103 元。

拓展知识：「与通胀水平相当」是消费品公司最常用的一句挡箭牌——它想表达的是：我没有趁机多赚，只是把成本转出去。判断真假要看两点：一是这次涨的是不是只覆盖成本（看毛利率有没有扩张），二是提价之后销量掉不掉（看销量弹性）。美国 8 月 CPI 环比 +0.4%，年化约 5%，所以「低至中个位数」的涨幅确实只能算跟得上物价。
Extended note: “Aligned with inflation” is the standard defence: it means the company claims to be passing on costs, not expanding margin.
3shares/ʃeəz/ 点击看中文解释 ↓

The units of ownership in a company. If you own one share of PepsiCo, you own a small slice of the business and its profits.

Why it matters here ▸ The report moved the market: PepsiCo shares fell as much as 0.8%, and they are down almost 10% this year.

股票（股份）：公司所有权的份额。持有一股百事，就等于拥有这家公司极小的一块，以及它对应的利润。

拓展知识：股价对「提价」这件事的反应通常是先跌后看：短期市场担心涨价会赶走消费者（这次盘中跌 0.8%），中期则要看涨价能不能把利润率抬回来。今年百事股价跌了近 10%，说明投资者更相信「卖不动」而不是「涨价救场」。术语小常识：share 在英文财报里还有第二个意思——「份额」（market share 市场份额），靠上下文区分。
Extended note: Note the two senses of share: a unit of ownership, and a slice of a market (market share).
4shelf space/ʃelf speɪs/ 点击看中文解释 ↓

The physical room a product gets on a shop’s shelves. More shelf space means more chances a shopper picks it up.

Why it matters here ▸ PepsiCo lost shelf space because its chips had become too expensive — that is what pushed it into February’s price cut.

货架位：商品在店里占的货架面积与位置。货架位越多、越显眼，被顾客拿走的机会就越大。

拓展知识：对包装食品来说，货架位几乎等于免费广告位：同样的货架，摆你的就摆不下别人的。所以零售商手里握着一件很硬的武器——不降出厂价，就把你的货撤下来。百事的算盘是「降价 → 换更多货架位 → 走量 → 总利润不降」，结果销量没跟上，这笔交换就亏了。看这类新闻时，注意零售商的动作往往比厂商的表态更早暴露真相。
Extended note: Shelf space is zero-sum: for your bag to sit there, a rival’s bag has to go. Retailers use it as leverage over suppliers.
5revenue/ˈrevənjuː/ 点击看中文解释 ↓

The total money a company takes in from selling things, before any costs are subtracted. Also called sales or turnover.

Why it matters here ▸ PepsiCo’s North American food business posted a 2% decline in revenue in the quarter reported in July.

营收（也叫销售额）：卖掉东西收到的钱的总量，还没扣任何成本。

拓展知识：读懂财报只要记住一条链：营收 − 成本 = 利润。营收可以靠两条路做大——提价（同样多的货，卖更贵）或走量（更便宜，卖更多）。百事这次是提价路线；而 7 月那份财报是「营收 −2%、销量持平」，说明价和量都在拖后腿。英文里 revenue 常与 sales、top line（收入项，报表最上面一行）混用。
Extended note: Revenue is the “top line”. It grows either through price or through volume — the two are rarely up together.
6volume/ˈvɒljuːm/ 点击看中文解释 ↓

The number of units sold — bags, cans, bottles — rather than the money they brought in.

Why it matters here ▸ PepsiCo reported flat volume: shoppers bought roughly the same amount as before, so the February discount bought no extra demand.

销量：卖出去的「件数」（多少袋、多少罐），而不是卖了多少钱。

拓展知识：“Flat volume”（销量持平）是消费行业最刺眼的词之一：它等于告诉你降价没有带来新顾客，只是把老顾客的账单打了个折。分析一家消费品公司，最常用的组合是「价格 × 销量」四象限：价升量升（有定价权，最好）、价升量平（靠涨价撑营收）、价降量平（百事这次的处境）、价降量降（危险信号）。
Extended note: Price × volume is the standard grid for consumer names. A cut with flat volume means the demand simply was not there.
7retailer/ˈriːteɪlə/ 点击看中文解释 ↓

A business that sells goods to the public — supermarkets, discount chains, convenience stores. PepsiCo sells to retailers; retailers sell to shoppers.

Why it matters here ▸ PepsiCo “has warned some retailers” of the coming increases — and retailers decide how much of that reaches the price tag.

零售商：把商品卖给消费者的那一环——超市、折扣店、便利店都是。百事是把货卖给零售商，零售商再卖给顾客。

拓展知识：一条零食的价格链上有三方：厂商（百事）— 零售商（超市）— 消费者。厂商涨的是出厂价，零售商会按自己的竞争情况决定吸收多少、转嫁多少：有的直接提价，有的砍掉不划算的品牌。原文里提到的这类博弈（连锁超市因为不接受涨价而下架某些品牌）不是特例，而是常态——所以「厂商宣布涨价」不等于「消费者一定会多付钱」。
Extended note: A supplier’s price rise is only a request. The retailer chooses how much of it lands on the shelf label.
8tariffs/ˈtærɪfs/ 点击看中文解释 ↓

Taxes a government puts on goods coming into the country. The importer pays them, and usually passes part of the cost on to buyers.

Why it matters here ▸ PepsiCo is not alone: Campbell’s and Conagra also blame tariffs on imports, along with energy and fertiliser costs.

关税：政府对进口商品征的税。由进口方缴纳，通常会有一部分转嫁到下游价格上。

拓展知识：关税对食品公司的影响藏在成本表里：包装（铝罐、马口铁）、某些原料、设备都可能跨境采购。所以「成本上涨」这句话现在常常是三层叠加——能源 + 化肥 + 关税，原文里三样都点了名。读这类新闻时可以顺手判断：涨价是行业性的（大家都在涨），还是公司自己的问题（只有它在涨）。这一轮属于前者，但百事的销量数据说明它自己的问题也不小。
Extended note: When many companies cite the same three costs — energy, fertiliser, tariffs — the increase is industry-wide, not one firm’s problem.
9consumer price index/kənˈsjuːmə praɪs ˈɪndeks/ 点击看中文解释 ↓

The official measure of how prices for a typical basket of household goods change month to month. Usually shortened to CPI.

Why it matters here ▸ The article ends with it: US CPI rose 0.4% in August, which is why PepsiCo can describe its increase as only “aligned with inflation”.

消费者价格指数（CPI）：官方统计的一篮子日常消费品价格逐月变化，是衡量通胀最常用的指标。

拓展知识：读 CPI 有两个习惯：看环比还是同比（环比 +0.4% 听着小，年化约 5%，一点也不小）；看食品细分项——零食、汽水属于「食品与非酒精饮料」，权重不低，也是最容易让普通人产生「东西变贵了」实感的部分。百事这类公司的涨价通知与 CPI 互为因果：CPI 里有它们，它们也拿 CPI 当说辞。
Extended note: Always ask whether a CPI number is month-on-month or year-on-year. 0.4% a month compounds to roughly 5% a year.

读后测验 · Check Your Understanding

3 道题。点选项立即判分；解析需要单独点开。
Q1Why is PepsiCo putting prices back up on some chips, dips and sodas?
正确答案：B
题干问「为什么又把价格涨回去」。答案在原文第 6、7 段：2 月最多降价 15%，但最新财报里北美食品业务营收下滑 2%、销量持平——降价没有把需求拉回来；同时公司还要面对走高的成本和吃紧的消费者，于是选择把价格收回去。A、C、D 三项原文都没有提到，属于凭空造出的情节。
In February, PepsiCo said it was cutting prices by as much as 15 per cent for key chip brands in a bid to boost sales that had faltered after prices got too high … But the company saw a two per cent decline in revenue in its North American food business and flat volume in its most recent earnings in July. A is a distractor built on the word “bags”; C invents a regulator; D invents an exit. Only B matches the numbers in paragraphs 6–7.
Q2The article says volumes were “flat” after the price cuts. What does that tell you?
正确答案：A
「flat volume」在英文财报里就是销量基本没变。原文同一句里给的是「营收下滑 2%」+「销量持平」——这一组合说明：价格的让利没有换来更多销量，钱的减少主要来自价格本身。B 项把营收的 −2% 错安到销量上；C、D 原文均无依据。这类题的关键是把「钱的数字」和「件的数字」分开放。
But the company saw a two per cent decline in revenue in its North American food business and flat volume in its most recent earnings in July. Watch the pairing: revenue down 2% is a money figure, flat volume is a unit figure. Only A keeps them apart correctly.
Q3PepsiCo has “warned some retailers” about the increases. Why does that detail matter?
正确答案：C
原文说百事「已就即将到来的提价通知了部分零售商」，并紧接着给出 Dollar General 门店的实际标价（$3.80→$4.00、$4.95→$5.50、$3.30→$3.75）。这两处合起来说明：出厂价上涨只是一张请求，最终标价由零售商按自己的竞争环境决定——它可以吸收、可以部分转嫁，也可以干脆不卖。A、B 事实错误（品牌属于百事，农产品价格也不是零售商定的）；D 是凭空添加的法律规则。
The company is additionally expected to increase prices on some sodas and has warned some retailers of the upcoming price hikes, according to people familiar with the matter. … At Dollar General stores, the extra-large Tostitos salsa jars are now priced at US$4, up from US$3.80. A and B are factually wrong; D invents a law. Only C follows from the retail-price examples the article reports.
财经外刊精读 · 互动版 · 2026-09-25 · 由 WorkBuddy 自动生成 · 仅供个人英语精读学习使用，版权归原作者与出版方所有
英文原文：Bloomberg News《PepsiCo to raise some prices after cuts failed to grow sales》（2026 年 9 月 24 日，作者 Kristina Peterson）；本页经 Financial Post 的全文转载抓取，原文共 10 段，按精读节奏重新切分为 20 段，未改动任何文字。
转载源：financialpost.com（Bloomberg 全文授权转载）。补充口径：美国劳工统计局 8 月 CPI 月率 +0.4%（原文引用）。
配图：Unsplash 无版权图库素材（非新闻原图，已压缩内嵌）；图 1 为按原文口径所做的示意性还原，图 2 按原文披露的门店标价自绘。本材料不构成任何投资建议。
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