Nestlé will continue to raise food prices in 2023, according to its chief executive

By: News Team

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Nestlé

Nestle will have to continue to raise the prices of its food products this year to compensate for higher production costs that have not yet been fully passed on to consumers, its chief executive, Mark Schneider (EPA), told a German newspaper:SCHN).

The increases won’t be as steep as in 2022, but “we have to catch up throughout the year,” Schneider told the Frankfurter Allgemeine Zeitung in an interview to be published on Sunday.

In the first nine months of 2022, the world’s largest food group, which manufactures, among others, the KitKat and Nescafé chocolate bars, recorded organic sales growth of 8.5%, of which the price increase accounted for 7.5 percentage points.

Inflation in many developed economies has reached multi-decade highs, driven in large part by rising food and energy prices.

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