Nestle has warned it will raise prices again this year in another cost of living blow.
It comes after the confectionery firm behind brands such as KitKat, Smarties and Nescafe already increased prices by 8.2% last year.
Nestle hasn’t said how much prices will go up by this year and blamed it on more costly ingredients.
Its CEO Mark Schneider said the company saw its profits tumble by 45% because of the "many challenges and tough choices for families, communities and businesses".
Net profits came in at 9.27billion Swiss francs (£8.34billion) - far lower than the 11.58billion francs (£10.42billion) expected by analysts.
Mr Schneider said: "Last year brought many challenges and tough choices for families, communities and businesses.
"Inflation surged to unprecedented levels, cost-of-living pressures intensified, and the effects of geopolitical tensions were felt around the world.
"Looking to 2023, we expect another year of robust organic growth, with a focus on restoring our gross margin, stepping up marketing investments and increasing free cash flow.
"Nestle's value creation model puts us in a strong position to achieve our 2025 targets and to generate reliable, sustainable shareholder returns."
Nestle sells more than 2,000 brands including KitKat and Smarties, cereals such as Shreddies and Cheerios, Nescafe and Nespresso coffee, fizzy drink San Pellegrino, and Purina pet food.
The news will come as another financial squeeze for Brits, with inflation now at 10.1% and grocery prices up 16.7%.
Unilever - the maker of brands including Dove, Magnum and Marmite - last week warned it will also raise prices again this year.
The company hiked the cost of its goods by 11.3% rise during 2022. Unilever also hasn’t said how much prices could go up by.
McDonalds has also just hiked prices by up to 20% for some items, having increased the price of a cheeseburger by 20p last year.
Five items went up on Wednesday, including its Mayo Chicken burger which now costs £1.19 instead of 99p.
Earlier this month, The Mirror revealed Nando’s has hiked its prices by 16% - just a year after an 8% increase.
A quarter chicken with two sides now costs an extra £1.70 - up from £8.75 to £9.95.
Wetherspoon has also upped prices across a range of its popular drinks and menu items.
Prices have gone by around 7.5% which adds up to 29p on a pint and around 75p on food.
