(MENAFN) Nestle, the world's largest food corporation, has announced that prices for essential items will continue to rise throughout 2023. The move comes after over a year of price increases, which have left many consumers struggling to afford basic groceries. Last year, the company raised prices by 8.2%, but this was not enough to offset rising costs, which significantly impacted profits.
According to Nestle's CEO, Mark Schneider, the upcoming price increases will be "very targeted" and will only be implemented where the rise in input costs justifies it. He added that the company is still trying to repair its gross margin, having been hit by inflation, just like consumers around the world.
It remains unclear which of Nestle's 2,000 brands will be affected by the projected increases. The company's range of products includes confectionery, frozen foods, and baby formula. Schneider did not provide any specific details, leaving consumers to wonder how much more they will have to pay for essential items.
The ongoing price increases have made it increasingly difficult for many people to put food on the table, particularly those on lower incomes. With Nestle's announcement of further price hikes, many will be left wondering how they will cope with the financial strain of rising food prices. The situation is particularly concerning given the ongoing global pandemic and its impact on employment and wages. As the world's largest food corporation, Nestle's decision to continue increasing prices is likely to have a significant impact on consumers around the world.
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