Food manufacturer Nestlé, known for, among other things, chocolate bars from KitKat and stock cubes from Maggi, expects to continue to raise prices for the rest of the year due to high inflation.
The costs of raw materials rose sharply at the end of last year due to the recovery from the corona crisis, and the effects of the war between Ukraine and Russia are added to that.
CEO Mark Schneider speaks of “further pricing campaigns” to absorb setbacks due to the cost increase. Earlier this year, Albert Heijn, among others, came into conflict with the Swiss group, which, according to the Dutch supermarket chain, implemented far too high price increases. As a result, Albert Heijn did not put any new Nestlé products on the shelves for a while.
Nestlé’s turnover rose from 5.4 percent to 22.2 billion Swiss francs in the first quarter. The Swiss owe this increase in turnover partly to the price increases that have already been implemented.
In addition, Nestlé sold more products for cafes and restaurants, for example, now that lockdowns have been lifted in many countries. Nestlé did not disclose its profits in its quarterly figures.