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Nestle to further raise food prices this year, CEO says

According to Nestle’s (NESN) Chief Executive Officer Mark Schneider, the company will need to further increase prices of its food products in 2023 in order to offset higher production costs, which are yet to be fully passed on to consumers.

The price hikes will not be as sharp as they were last year, but “we have some catching up to do over the full year,” Nestle’s Schneider told German newspaper Frankfurter Allgemeine Zeitung.

Nestle’s organic sales growth was reported at 8.5% during the first nine months of 2022, of which price hikes accounted for 7.5%.

The shares of Nestlé S.A. were last losing 0.59% (CHF 0.66) on the day to trade at CHF 111.12 in Zurich. The food giant’s total market cap now stands at CHF 305.52 billion.

The shares of Nestlé S.A. went down 15.93% in 2022, compared with a 16.67% loss for the benchmark index, SMI (SSMI).

The shares have risen 3.71% so far this year.

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