Kitkat and Shreddies maker Nestle warns of price rises
manchestereveningnews.co.ukNestle has issued a warning to consumers that more price rises could come into effect in a bid to tackle cost inflation. The KitKat and Shreddies maker had already increased prices by more than 5 per cent over the first three months of 2022 and may see further hikes Mark Schneider, chief executive of the Swiss food group, said: “Cost inflation continues to increase sharply, which will require further pricing and mitigating actions over the course of the year.” He added that Nestle saw a balance in continued customer demand regardless of the price increases.
It reported an increase in organic sales by 7.6 per cent over the three months to march which was driven by a 5.2 per cent increase in pricing and a 2.3 per cent rise in volumes. Read more: Full list of Santander banks whose Saturday opening hours are changing in shake up According to the company, North America witnessed the harshest price increases of 8.5 per cent while European shoppers saw an average increase of 4.1 per cent.
The company, which also owns Purina, revealed that its pet-care products were subject to the biggest price jumps, increasing by an average of 7.7 per cent in the first quarter.
Looking to the future, the company expects its overall sales to grow by this year despite the risk of further inflation related to the war in Ukraine.
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