Nestle SA CEO Mark Schneider said inflation will remain an issue in 2023 even after the world’s largest food maker pushes through the biggest price increases in decades this year. Know more:
NESTLÉ SA CEO Mark Schneider said inflation will remain an issue in 2023 even after the world’s largest food maker pushes through the biggest price increases in decades this year.
The volume of goods sold eased by 0.2 percent in the third quarter as Nestle raised prices 9.5 percent. Until now, consumers have been willing to absorb higher costs despite a spike in inflation that’s squeezed household budgets and lifted manufacturers’ raw material costs. Concerns have been rising that makers of branded packaged goods may start to lose market share to private label producers. Inflation is soaring globally, with the rate in the euro-area hitting a record 10 percent last month. In the UK, prices for food and non-alcoholic drinks rose 14.6 percent in the year to September, data showed on Wednesday.
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