Nestlé says it will keep hiking prices in 2023, and that its rivals will have to do the same | Business Insider

Food and drinks conglomerate Nestlé says it will continue putting up prices in 2023.The company said"gravity" will eventually mean its competitors have to do the same.Nestlé, the world's largest consumer food company, which owns brands such as Nesquik and Nescafé in the US, says it will continue hiking its prices in 2023.

"Inflation has left its mark on gross margins and profit margins," CEO Mark Schneider told investors."And clearly, some repairing still needs to be done." The Swiss conglomerate said at its fourth-quarter earnings call on Thursday that the price increases would be targeted rather than across the board.by 11.6% in North America in 2022, and 8.2% globally. Pet care, prepared dishes, cooking aids, milk products, and ice cream had the largest price increases globally.

"In 2022, pricing became the largest contributor to growth," CFO François Roger said, meaning that price increases led to more growth in revenues as sales growth declined. Nestlé execs said that the company put up prices because of cost inflation, though they noted that higher prices and operating efficiencies weren't enough to fully offset inflation in most product categories. Poor weather, Russia's invasion of Ukraine, and rising wages have all contributed to higher input costs. In the US, the consumer price index – a measure of inflation –

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