The year 2023 will see a further raise in the prices of Nestle food products as the company aims to offset production cost that it has yet to fully pass on to consumers, Chief Executive Mark Schneider told a German newspaper.
The anticipated increased is said not to be as steep as what was experienced last year.
“We have some catching up to do over the full year,” said Schneider in an interview with Frankfurter Allgemeine Zeitung.
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.
