Sonoco Products Co. /zigman2/quotes/201691559/composite SON +3.20% said Monday it will raise prices on certain consumer packaging components by 8%, citing continued cost inflation. The company said its prepared and specialty foods business segment will raise prices for crystallized polyethylene terephthalate (CPET) and polypropylene (PP) thermoformed plastic trays and bowls by 8%. The new prices will be effective Feb. 22, and will be applied individually, and depending on prod7uct category. "These price adjustments are critical to manage continued increases in cost across our business," said Rolfe Olsen, vice president of the prepared and specialty foods business. "Thus far, we have offset much of these increased input costs via manufacturing productivity initiatives and supply chain optimization activities, but with continued inflation, we must now pass this cost on to our customers." The stock, which is still inactive in premarket trading, has advanced 13.8% over the past three months while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.95% has gained 10.9%.