Nestle to hike food prices further in 2023, CEO says

A Nestle company logo is pictured on a bar of Milky Bar chocolate in Manchester, Britain.A Nestle company logo is pictured on a bar of Milky Bar chocolate in Manchester, Britain April 25, 2017. REUTERS/Phil Noble

Feb 4 (Reuters) – Nestle (NESN.S) will have to raise prices of its food products further this year to offset higher production costs that it has yet to fully pass on to consumers, Chief Executive Mark Schneider told a German newspaper.

The increases will not be as steep as they were in 2022, but "we have some catching up to do over the full year," Schneider was quoted as telling Frankfurter Allgemeine Zeitung in an interview due for publication on Sunday.

In the first nine months of 2022, the world's biggest food group, which makes KitKat chocolate bars and Nescafe reported organic sales growth of 8.5%, of which price rises accounted for 7.5 percentage points.

Inflation in many developed economies has been running at multi-decade highs, driven in large part by increases in prices of food and energy.

  • GalleryTechnologycategoryTech trillion club's wobble in four charts, article with galleryFebruary 3, 2023
  • LegalcategoryU.S. antitrust agency preparing lawsuit against Amazon – WSJ, article with imageFebruary 3, 2023
  • World at WorkcategorySpanish court rules Amazon 'Flex' couriers were falsely self-employed, article with imageFebruary 3, 2023
  • TechnologycategoryTesla sales of China-made electric vehicles up 18% in January, article with imageFebruary 3, 2023


Related posts

Tesla cuts prices of Model 3, Model Y vehicles in Singapore

Cynthia Danforth

Ryanair passenger numbers hit fresh all-time high in July

Cynthia Danforth

Shoppers to face fresh price hikes as stores, suppliers pass on costs

Cynthia Danforth

Leave a Comment