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 Broadcast Communications.

More Information

27 ℃

Rain Shower in Seletar

Business

Section

China's major pig breeders face mounting debts, losses

BEIJING, China: Falling hog prices, mounting losses and rising debt are putting pressure on the biggest pig breeders in China, ...

Wall Street loses ground Wednesday, U.D. dollar gains

NEW YORK, New York - A decline in labor costs as measured by ADP failed to boost U.S. Markets Wednesday."ADP's ...

73,000 Chevrolet Volt cars being probed in US over loss of power

WASHINGTON D.C.: A U.S. auto safety regulator said this week it is opening an investigation into 73,000 Chevrolet Volt plug-in ...

New York state decides case, opens door for more marijuana clinics

NEW YORK: This week, a New York judge approved legal settlements to end lawsuits that halted the state's legal cannabis ...

Tech stocks outperform Tuesday, Nasdaq Composite gains

NEW YORK, New York - U.S. stocks spent most of Tuesday meandering, with the major indices closing out the day ...

Strike cost Ford 100,000 vehicles in sales, $1.7 billion in profit

DEARBORN, Michigan: This week, Ford said a six-week United Auto Workers (UAW) strike cut its sales by some 100,000 vehicles ...

Broadcasting

Section

Movie Review

The Circus

Circus