Nestle raised prices by 8.2% last year, but that did not fully offset the impact of increased costs for ingredients on margins
The world’s biggest food group Nestle will lift prices again this year, Chief Executive Mark Schneider said on Thursday, after more costly ingredients contributed to making its 2022 profit miss market forecasts.
“Our gross margin is down about 260 basis points – that is massive. That is after all the pricing we have done in 2022,” Schneider told reporters. Unilever said last week it would continue to raise prices for its detergents, soaps and packaged food to offset rising input costs, but would ease those hikes in the second half of 2023.
The question will be how much of the volume weakness persists from these factors into the first half of the year, he added.
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