Nestle to raise food prices further in 2023, CEO says

The Nestlé logo on a bar of Milky Bar chocolate in Manchester, England, April 25, 2017 (Phil Noble/Reuters)

Nestle CEO Mark Schneider told a German newspaper that food prices will need to rise further this year to offset rising production costs that have not yet been fully passed on to consumers. said.

While the increase is unlikely to be as rapid as in 2022, “we have to catch up for the whole year,” Schneider reportedly told Frankfurter Allgemeine Zeitung in an interview.

The world’s largest food group, which makes KitKat chocolate bars and Nescafé, has reported 8.5% organic sales growth in the first nine months of 2022.

Inflation in many advanced economies remains at multi-decade highs, driven primarily by rising food and energy prices.