PepsiCo (PEP) shares are down in step with the broader market while the company's CEO says commodity prices are likely to remain volatile for some time to come.
Indra Nooyi, PepsiCo CEO, said swings in the price of commodities are "here to stay," Bloomberg reported.
The volatility will come from growing demand in the Middle East and environmental shocks in various parts of the world, he said.
PepsiCo shares are down 1.9%, or $1.25, to $64.31.
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