Nestle, the world’s biggest food and drink company, raised prices by more than 5% in the first three months of this year, as it passed on rising costs to shoppers. Consumers in North America took the hardest hit, with an 8.5% rise in prices, the company said in its first-quarter earnings report Thursday. Latin America saw the second biggest increase, with the price of Nestle products rising 7.7%. The company signaled that more increases are coming, as cost inflation continues to go up.
Consumer price inflation in the United States hit 8.5% in March, a 40 year high. Energy costs have been a big factor. Global food prices hit their highest level on record earlier this year as the pandemic, poor weather and upended agriculture threatened food security for millions of people. Russia’s invasion of Ukraine has only made the situation worse, pushing up prices for staple goods, such as wheat and vegetable oils.
