Nestlé, the largest food and drink company in the world, raised prices by a collective 9.8% in the first three months of the year as inflationary pressures increased input costs for the business.
The Swiss conglomerate, which owns a variety of food brands such as Purina, Gerber, Nescafe, and KitKat, said in an earnings report that the price increases in several markets across the world came as a result of “significant cost inflation.”
The firm’s Latin American and North American markets saw 13.4% and 12.4% price hikes respectively, while the European market saw a 10.7% price increase and the Chinese market saw a 3.9% price increase.