Nestlé to rise food prices in 2023

The world’s largest food group, Nestlé said on Thursday that the food prices will continue to rise throughout in 2023 amid rising inflation and hikes in the cost of goods throughout the global economy.

Mark Schneider, CEO of Nestlé, said that they have been hit by inflation too and they are now trying to repair the damage done as a result of the economic situation.

Nestlé said it expects “organic sales growth” between 6 percent and 8 percent in 2023 with an underlying trade operations profit margin that would fall somewhere between 17-17.5percent.

Noteworthy, that companies such as Kitkat and Nescafé have increased their prices with a percentage of 8.2 percent in 2022. However, they said that the increase is not enough to help them pay their own costs.