Inflation has raised food, petrol, and rent costs worldwide, raising the cost of life for consumers. Eggs have skyrocketed in price and become
scarce in grocery stores. According to the BLS, lunch meat prices rose 15.1% from December 2021 to December 2022.
Giants like Nestlé are affected by rising prices. Chief executive Mark Schneider says KitKat will have to hike pricing this year to cover higher
Nestlé, the world's largest food manufacturer, raised prices throughout 2022 to cover rising costs. In October, the business stated it raised prices
7.5% in the first nine months of 2022 due to "significant cost inflation." According to The Financial Times, this was the largest jump in decades.
Schneider told Bloomberg Television in October that inflation would persist in 2023, suggesting future price hikes.
It is unclear how much Nestlé may raise prices in 2023. Schneider told Frankfurter Allgemeine Zeitung that "we have some catching up to do
over the full year." The 2022 raises will be less harsh. A Nestlé spokesperson reached by Eat This, Not That! declined to comment on
Schneider's price hikes, how much they will rise this year, or when the corporation may be able to lower them.
The company forecasts cost inflation to continue this year and net material inflation to reach $1.6 billion in the first half of 2023.