Victor Martino Major US food companies are starting to reduce prices and increase promotional activity after several years of sustained price increases. At first glance, this may look like a strategic pivot. It is not. The shift is visible across major players, including PepsiCo, General Mills, Kraft Heinz, Conagra Brands and JM Smucker, but what's unfolding is continued pressure from a more competitive and structurally more price-sensitive US grocery environment.