afaqs! news bureau

Nestle’s CEO announces further price hikes in 2023

The prices will be hiked to offset higher production costs.

FMCG brand Nestle’s CEO Mark Schneider has announced price hikes for its food products including Maggi, Nescafe, and Kitkat this year. The brand is aiming to balance out higher production costs.

In April last year, the FMCG giants had announced price hikes of around 5.2% for its food products, in a bid to accommodate the surge in global prices due to inflation, climate change, and conflict.

The increase in prices this year will not be as steep as they were last year, revealed Schneider. “We have some catching up to do over the year,” he said, according to Reuters. This decision comes amidst inflation in developed economies.

Last year, Nestle reported organic sales growth of 8.5% for the first nine months, of which price rises accounted for 7.5 percentage points.

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