Mexico City, Oct. 9 - Mexico's Grupo Bimbo, the world's No. 3 bread maker, said on Tuesday it was considering raising bread prices in the last quarter of the year to offset the soaring cost of wheat.
Bimbo, which operates in 17 markets across the American continent and Europe, already raised prices by about 3 percent in August but said its cost of production was rising as wheat prices touched record levels.
Lower stocks of certain types of U.S. wheat after farmers there planted a huge corn crop amid strong demand from ethanol producers has led wheat prices to all-time highs.
"We are obliged to reflect those (prices)," Chief Executive Daniel Servitje told reporters.
He said Bimbo, which makes sliced bread and cakes, would complete a study of a price increase between now and November.
In the second quarter, Bimbo blamed lower profits on global grain prices.