Nestlé has warned consumers that they can expect to pay more for their products as it passes on some of its rising production costs.
This news comes as the cost of living hit a 30-year high last month. The cost of energy, fuel and food prices continued to soar and retailers reined in seasonal discounts.
The Swiss food and drink manufacturer that operates brands including KitKat, Cheerios and Polo Mints reported 7.5% organic growth for 2021, which included 2% growth arising from price increases.
Chief executive of Nestlé Mark Schneider said: “It is a safe assumption that our input cost increases for 2022 will be higher than 2021, that is something that we have to reflect in our pricing.
“There is almost no place in the company that is exempt of inflation now … Some of these things you can hedge against, some not.”
