Blaming cost of manufacturing, Nestle to raise prices for second year

Robert Besser
07 Feb 2023, 20:01 GMT+10

Nestle's Chief Executive Mark Schneider said the world's largest food group will have to raise the prices of its food products this year to offset higher production costs
In the first nine months of 2022, Nestle, the manufacturer of KitKat chocolate bars and Nescafe, reported sales growth of 8.5 percent, of which price rises accounted for 7.5 percentage points
Driven largely by rising food and energy prices, inflation in many developed economies has been running at multi-decade highs

VEVEY, Switzerland: In an interview with Frankfurter Allgemeine Zeitung this week, Nestle's Chief Executive Mark Schneider said the world's largest food group will have to raise the prices of its food products this year to offset higher production costs.

"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 added, as quoted by the Associated Press.

In the first nine months of 2022, Nestle, the manufacturer of KitKat chocolate bars and Nescafe, reported sales growth of 8.5 percent, of which price rises accounted for 7.5 percentage points.

Driven largely by rising food and energy prices, inflation in many developed economies has been running at multi-decade highs.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Peking Press.

More Information

17 ℃

Fair in Beijing/Capital

Business

Section

Closing of SVB Bank causes fall in deposits in small US banks

NEW YORK CITY, New York: Deposits at small U.S. banks throughout the country dropped the most since 2007 after the ...

Ford EVs will lose $3 billion pretax in 2023, says officials

DETROIT, Michigan: In a briefing for investors and analysts this week, Ford Motor Co. reported that while its electric vehicle ...

Hundreds of workers to be fired at Walmart's US fulfillment centers

BENTON, Arkansas: Reuters reported that due to a reduction or elimination in evening and weekend shifts, Walmart will lay off ...

Russian car buyers slowly learning to buy Chinese cars

MOSCOW, Russia: As western automakers have left Russia since the start of the Ukraine war, the Chinese have rushed in ...

Tottering Virgin space business receives $200 million from investor

LONDON, England: Reuters has reported that struggling Virgin Orbit, owned by billionaire Richard Branson, is nearing a $200-million investment deal ...

EV charger plants slowing down due to 'Made In America' rules

NEW YORK CITY, New York: To comply with the requirements of the "Made in America" laws, a $7.5 billion federal ...

China

Section