dashboard



Nestlé, the world's top food company, has kept hiking prices this year

Nestlé has kept hiking prices this year



UN and World Trade Organization warn of global food supply crisisReplayMore Videos ... (16 Videos)UN and World Trade Organization warn of global food supply crisisRussia's war in Ukraine threatens one of England's most famous dishesSee rebranded McDonald's restaurants unveiled in RussiaHow AriZona Beverages has kept iced tea prices at 99 cents for 30 yearsNew Taco Bell drive-thru restaurant serves tacos using mini elevatorsThe fastest growing trend in adult beverages will surprise youSee Russian merchant ship's journey across Mediterranean with stolen grain Mother describes 'anxiety provoking' search for baby formulaActor superglues his hand to Starbucks counter in protestAmericans are tipping less in the wake of tipping fatigueForget oil. Here's how Russia's war in Ukraine is jacking up food prices.What's that long skinny thing a restaurant just tried sending to space?Pusha T isn't 'lovin' it' anymore. Hear his new song for Arby'sWendy's CEO: Expect menu price increases of 5% this yearWatch CNN's 1990 coverage of McDonald's first opening in RussiaMcDonald's suspends business in Russia. Here's why it's a big dealLondon (CNN Business)Nestlé hiked its prices by 6.5% in the first half of 2022 as it grapples with an "unprecedented" rise in costs.

The world's largest food company raised its prices the most in North America — a 9.8% increase — followed by Latin America at 9.4%, Nestlé said in a statement Thursday. Rising costs for commodities, packaging, freight and energy weighed on the company's operating profit margin, Nestlé (NSRGF) said. "We limited the impact of unprecedented inflationary pressures and supply chain constraints on our margin development through disciplined cost control and operational efficiencies," CEO Mark Schneider said in a statement. Despite higher prices, the company, which counts KitKat and Nescafé among its brands, grew its organic sales 8.1% over the period — driven by strong demand for its Purina pet food products. Read MoreSoaring global inflation has pushed up costs for the world's biggest manufacturers, who have then passed them onto consumers. Unilever (UL), one of Nestlé's competitors, said Tuesday that it increased its prices by an average of 9.8% in the first six months of the year.Higher prices have also fueled global food insecurity, made worse by Russia's invasion of Ukraine in February. The war has driven the cost of energy and staple commodities to record highs, squeezing poorer countries that rely on imports. There is some good news: global food prices have fallen for three consecutive months, according to the UN's Food and Agricultural Organization's Food Price Index — though were still 23% higher in June compared to a year earlier. The World Food Programme (WFP) estimates that 47 million people have moved into a stage of acute hunger as a consequence of the Ukraine war. Last week, Russia and Ukraine signed a deal that would allow for grain and oilseed exports from Ukrainian Black Sea ports to restart after months of blockages.— Julia Horowitz, Rob Picheta, Jomana Karadsheh, Radina Gigova and Tim Lister contributed reporting.


Click Here To Get Funded!