Nestle, Danone see price hikes slowing after years of sharp increases

Two of the world’s top consumer goods companies, Danone and Nestle, said on Thursday they will slow price increases in 2024 after two years of hikes that have prompted shoppers to seek cheaper alternatives for basic goods like yoghurt and coffee.

Their comments follow British rival Unilever the maker of Ben & Jerry’s ice cream and Dove soap, which also said this month that price increases would start to ease.

The packaged goods industry has hit shoppers with higher prices for more than two years, citing rises in input costs that started with the COVID-19 pandemic and were exacerbated by Russia’s invasion of Ukraine.

Everything from sunflower oil to freight has become more expensive, taking a toll on global supply chains and fuelling a protracted cost of living crisis.