Inflation forced Swiss food giant Nestlé into 7.5 per cent price rises, leading to the highest sales growth in 14 years.
The chocolate maker announced organic growth of 8.5 per cent for the nine months of 2022, saying “significant cost inflation” was the driver of its price increase.
Its sales were up 9.2 per cent to £61.25bn, as Nestlé’s outlook improved to organic sales growth of eight per cent for the rest of 2022.
Nestlé also expected an operating profit margin of 17 per cent for the remainder of 2022, as it said cost price inflation continues to force it into price rises.
The KitKat maker said growth came as it “continued to adjust prices responsibly to reflect inflation.”
Mark Schneider, Nestlé CEO said: “The challenging economic environment is a concern for many people and is impacting their purchasing power. That’s why we aim to keep products affordable and accessible while considering the interests of all our stakeholders”.
Nestle added that it remains “confident in the strength of our brands, operational execution and underlying category dynamics which position us well for future growth.”