Company says it's raising prices due to more costly ingredients
Be prepared to pay more for KitKats, Nescafe, Cheerios, and more.
Nestle CEO Mark Schneider says the company is raising prices this year due to more expensive ingredients.
The company missed last year's profit market forecasts, due in large part to increased costs from suppliers.
While competitors have said they expect a more positive pricing outlook for shoppers this year, Schneider says further rises are needed to offset higher costs.
The company raised prices last year by 8.2 percent, but Schneider says that was not enough.
"Our gross margin is down about 260 basis points - that is massive. That is after all the pricing we have done in 2022."
Last year, the company's net profit fell to 9.3 billion Swiss francs ($135,230,564.46 CAD), while experts predicted 11.6 billion francs (168,674,682.56 CAD).
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