he consumer group behind KitKats and Nespresso has raised its prices by 6.5% in the past six months, blaming “unprecedented cost inflation”.
Earlier this year, Nestle raised prices more than 5% for the first quarter and warned that more hikes could hit customers as it tried to pass on the impact of rising costs.
Analysts said sales at the company, which also makes Shreddies cereals and Haagen-Dazs ice cream, exceeded targets after price increases boosted sales by 9.2% to $45.6 billion in the six months to June. francs (£39.1 billion).
It comes after fellow consumer giants Unilever, Reckitt and McDonald’s all confirmed major price increases for customers this week as household budgets come under increasing pressure.
Official figures last month revealed UK inflation of 9.4%, while food and soft drinks prices rose by nearly a tenth.
Mark Schneider, Nestle’s chief executive officer, said the group has raised prices “in a responsible manner” for all of its operations.
The group said it saw the most significant price increases in its pet care business, leading brands such as: Felix and Bakers, where prices rose 8.8% over the period.
It came as the company raised its sales forecast for the year to between 7% and 8%, previously forecasting revenue growth of nearly 5%.
Mr. Schneider added: “Volume and product mix were resilient, based on our strong brands, differentiated offerings and market leading positions.
“We have mitigated the impact of unprecedented inflationary pressures and supply chain constraints on our margin performance through disciplined cost control and operational efficiency.
“At the same time, investments in capital expenditures, digitization and sustainability increased significantly.”