The manufacturer of products including KitKats and Shreddies has warned that more price hikes are on the horizon thanks to steep cost rises. Nestle said it has already increased prices by more than five per cent over the first three months of 2022 but would look to further rises.
Mark Schneider, chief executive of the Swiss food group, said: "Cost inflation continues to increase sharply, which will require further pricing and mitigating actions over the course of the year."
Nestle saw sustained customer demand despite the jump in prices, Mr Schneider added. The group reported a 7.6 per cent increase in organic sales over the three months to March, driven by a 5.2 per cent increase in pricing and 2.4 per cent rise in volumes.
