Nestle to hike food prices further in 2023
Business
Hikes won't be much significant as we have some catching up to do throughout the whole year: CEO
(Reuters) - Nestle will need to increase the pricing of its food items even more this year to make up for higher manufacturing expenses that it hasn't yet completely passed through to customers, according to CEO Mark Schneider.
Although hikes won't be as significant as they were in 2022, Schneider was cited as saying in an interview with Frankfurter Allgemeine Zeitung that they have some catching up to do throughout the whole year.
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 gain.
As a result of rising food and energy prices, inflation has reached multi-decade highs in many industrialized nations.
