Nestlé Half-Year Report 2023

Organic growth was 8.7%. Pricing was 9.5%, reflecting the impact of cost inflation over the last two years. RIG was -0.8%, with a negative impact of around 60 basis points from portfolio optimization actions. Remaining capacity constraints also limited RIG. Overall, demand elasticity was limited in the context of pricing actions.

Growth was broad-based across most geographies and categories. In developed markets, organic growth was 8.0%, led by pricing with negative RIG. In emerging markets, organic growth was 9.6%, driven by pricing and flat RIG.