Home Business News The ‘unprecedented cost inflation’ pushes Nestle to hike their prices by 6.5%

The ‘unprecedented cost inflation’ pushes Nestle to hike their prices by 6.5%

by LLB Finance Reporter
29th Jul 22 10:24 am

Nestle who make KitKat and Nespresso have been forced to push their prices up by 6.5% amid the “unprecedented cost inflation.”

Nestle had pushed their prices up by 5% in the first quarter and had warned that prices could rise further to pass on the rising costs.

Mark Schneider, chief executive officer of Nestle, said the group increased prices “in a responsible manner” across its operations.

Schneider added, “Volume and product mix were resilient, based on our strong brands, differentiated offerings and leading market positions.

“We limited the impact of unprecedented inflationary pressures and supply chain constraints on our margin development through disciplined cost control and operational efficiencies.

“At the same time, investments behind capital expenditure, digitalisation and sustainability increased significantly.”

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