Nestle to Boost Food Prices Further in 2023, CEO Says

Mark Schneider, chief executive officer of Nestle, told a German publication that Nestle will have to increase the prices of its food items further this year to compensate for greater manufacturing costs that have not yet been passed on to customers.

The rises will not be as substantial as they were in 2022, but "we have some catching up to do throughout the full year," Schneider was quoted as telling Frankfurter Allgemeine Zeitung in an interview set for publication on Sunday.

In the first nine months of 2022, the largest food group in the world, which produces KitKat chocolate bars and Nescafe, reported organic sales growth of 8.5%, of which price increases accounted for 7.5% of the increase.

In many industrialized nations, inflation has reached multi-decade highs, driven in large part by rising food and energy costs.