Nestlé Stays Committed To Increasing Prices In 2023
No relief seems to be in sight regarding food prices as the world’s largest food company announces its plans to raise prices in 2023. This comes on top of an increase in prices in 2022 by Nestlé, which on average increased its prices by 10.1% in 2022 (per The Wall Street Journal). Headquartered in Switzerland, Nestlé makes everything from frozen food to coffee and baby food to candy. Prior to that price increase in 2022, Nestlé CEO Mark Schneider said inflation was affecting the international company’s operations and that it would need to assess its prices and take other actions in response. Some of the measures Nestlé took were to increase prices and cut costs by eliminating some products while focusing on ones that were performing better. Nestlé’s decision to address its prices and production lines came after inflation rose following supply chain issues, labor shortages, and the war in Ukraine, which have continued to affect the cost of raw materials and access to materials.