KitKat maker Nestle increased its prices by an average of nearly 10% in the first three months of 2023. The Swiss food and drink giant said ice cream and pet food saw particularly sharp rises.
The group, which owns brands such as Haagen Dazs, said the prices of ice cream and milk products increased by 11.8% over the quarter, and pet food brands, such as Felix, saw a 12.2% jump. Nestle said its overall pricing increased by 9.8% over the quarter as it sought to pass on the impact of “significant cost inflation”.
It came as industry data from Kantar revealed on Tuesday that grocery price inflation hit 17.3% in April, although this reflected a marginal slowdown in price increases for shoppers. Nestle said it saw overall growth of 9.3% as the price rises contributed to a small decline – 0.5% – in the volumes of its products being bought by shoppers.
