Global food manufacturer Nestlé has increased the pricing of its products by 6.5% as its sales increase year-on-year, according to the company’s latest trading figures.
As part of its full-year 2022 outlook, Nestlé said total reported sales increased by 9.2% to around £47.68 billion, compared with the same period last year. The company also expects organic sales growth between 7% and 8% over the course of this year.
Nestlé reported that its confectionery business saw double-digit growth, reflecting particular strength for KitKat and seasonal products.
The Swiss food and drink manufacturer that operates brands including KitKat, Cheerios and Polo Mints reported pricing increases of 6.5% to reflect “significant and unprecedented cost inflation.”
Nestlé CEO Mark Schneider said that the company’s implemented price increases “in a responsible manner.”
He added: “We limited the impact of unprecedented inflationary pressures and supply chain constraints on our margin development through disciplined cost control and operational efficiencies. At the same time, investments behind capital expenditure, digitalisation and sustainability increased significantly.”
Price rises continue
In February, the manufacturer warned consumers that they should expect to pay more for their products as it announced plans to pass on some of its rising production costs. Since then, Nestlé has raised the price of many of its product on several occasions, increasing prices by more than 5% in the first three months of 2022 alone.
