The company behind some of the UK’s favorite products has issued a warning to customers.
Nestlé, behind items such as Kitkats, Shreddies and Maggi noodles, is telling consumers to expect higher prices. The company also offers a range of coffee and baby food brands in its 2,000 product portfolio.
This comes after their prices increased by more than 5% in the first months of the year. The Swiss food group’s chief executive, Mark Schneider, said: “Cost inflation continues to rise sharply, which will require further pricing and mitigation measures during the year.”
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However, he also said Nestlé has seen sustained demand from customers despite the price hike. Nestlé reported a 7.6% increase in organic sales from January to March this year, driven mainly by higher prices and supply.
He said pet care products saw the biggest price increases during this period, by almost 8%. Mr. Schneider said: “During these first months of the year, the war in Ukraine has caused untold human suffering. We remain focused on supporting our colleagues there and providing humanitarian assistance, while standing with the international community in the call for peace.
Last month, Nestlé said it had suspended the sale of non-essential brands in Russia, as well as halting advertising in the country to comply with international sanctions following the country’s invasion of Ukraine. At the time, they said, “We stand with the people of Ukraine and our 5,800 employees there.”