Nestle to hike food prices further in 2023; CEO

Nestle’s chief executive Mark Schneider told a German newspaper that the company will have to increase the prices of its food products further this year to make up for higher production costs that it has not yet fully passed along to customers.

The increases won’t be as sizable as they were in 2022, but “we have some catching up to do over the full year,” Schneider was quoted as saying in an interview that will be published in Frankfurter Allgemeine Zeitung on Sunday.

The largest food company in the world, which manufactures KitKat chocolate bars and Nescafe, reported organic sales growth of 8.5% in the first nine months of 2022, with price increases accounting for 7.5 percentage points of that growth.

As a result of rising food and energy costs, inflation has reached multi-decade highs in many developed economies.

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