Nestle has joined the list of companies increasing prices due to "unprecedented cost inflation".
The group behind KitKats and Nespresso has announced an increase to its prices by 6.5%. It is now also warning that the price could rise even higher.
It comes as the company revealed its half-year results for 2022 today (28/7).
Mark Schneider, Nestlé CEO, commented:"In the first half of the year, we delivered strong organic growth and a significant increase in underlying earnings per share. Our local teams implemented price increases in a responsible manner. Volume and product mix were resilient, based on our strong brands, differentiated offerings and leading market positions.
"We limited the impact of unprecedented inflationary pressures and supply chain constraints on our margin development through disciplined cost control and operational efficiencies. At the same time, investments behind capital expenditure, digitalization and sustainability increased significantly.
"We are focused on creating shared value over both the short and long term. Growing food insecurity around the world and heightened climate concerns, following an increase in unusual weather patterns, underlines the importance of this strategic direction. Good for you and good for the planet are the two key strategic pillars that our company pursues in an unwavering manner, even in the face of significant short-term challenges."
It comes as McDonald's yesterday announced that the price of a cheeseburger was rising for the first time in 14 years.
The popular fast-food chain will be adding between 10p and 20p to a number of its menu items, stating that the company, franchisees and suppliers 'feel the impact of rising inflation'.
Read more: Price of McDonald's cheeseburger rises for first time in over 14 years
It is the first time in over 14 years that the price of the chain's famous cheeseburger has increased, and the first time that the cheeseburger will ever cost over £1.
