Your Favorite Candy Is About to Get More Expensive
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.
CEO Mark Schneider says KitKat will have to hike pricing this year to cover higher production costs.Nestlé, the world's largest food manufacturer, raised prices throughout 2022 to cover rising costs
October saw the corporation raise prices 7.5% in the first nine months of 2022 due to "significant cost inflation." This was the largest jump in decades, per The Financial Times.
Schneider told Bloomberg Television in October that inflation would persist in 2023, suggesting future price hikes. Bloomberg reported that he stated Nestlé hadn't passed on greater production costs to consumers.
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 than their predecessors. 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.Another big consumer products manufacturer plans to hike prices in 2023 due to rising production expenses
According to The Guardian, London-based Unilever, which owns Ben & Jerry's and Hellmann's, announced Thursday that it would raise prices again in 2023 after an 11.3% increase in 2022.
The company forecasts cost inflation to continue this year and net material inflation to reach $1.6 billion in the first half of 2023. Unilever wants to decrease prices in the second half of the year