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    Nestle to hike food prices further in 2023

    Jars of Nescafe Gold coffee by Nestle are pictured in the supermarket of Nestle headquarters in Vevey, Switzerland, February 13, 2020. REUTERS/Pierre Albouy/File Photo

    Nestle will have to raise prices of its food products further this year to offset higher production costs that it has yet to fully pass on to consumers, chief executive Mark Schneider told a German newspaper.

    The increases will not be as steep as they were in 2022, but “we have some catching up to do over the full year,” Schneider was quoted as telling Frankfurter Allgemeine Zeitung in an interview published on Sunday.

    In the first nine months of 2022, the world’s biggest food group, which makes KitKat chocolate bars and Nescafe reported organic sales growth of 8.5 per cent, of which price rises accounted for 7.5 percentage points.

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