Nestle has warned that popular products could see a rise in price as it battles steep costs.
The manufacturer of popular products such as KitKat and Shreddies said it has already increased prices by more than 5% over the first three months of 2022 but further hikes could be brought forward in the future. 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."
It comes as the cost of living crisis continues and a series of prices soar right across the UK. However, Nestle saw sustained customer demand despite the jump in prices. The group reported a 7.6% increase in organic sales over the three months to March, driven by a 5.2% increase in pricing and 2.4% rise in volumes.
