KitKat maker Nestlé has raised prices again due to “unprecedented” cost increases.
The Swiss grocery giant said it raised prices by 6.5% in the first half of this year.
McDonald’s and Coca-Cola also announced price increases this week.
Businesses are facing increased costs for things like fuel, wages and ingredients, while consumer prices have risen at their highest rate in 40 years.
Nestle, which also makes Cheerios and Smarties, had already increased prices by 3.1% over the last three months of 2021.
CEO Mark Schneider said price increases had been implemented “responsibly”.
“We have limited the impact of unprecedented inflationary pressures and supply chain constraints on our margin development through disciplined cost controls and operational efficiencies,” he added.
Price increases were highest in North America at 9.8%, compared to 4.9% in Europe.
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- McDonald’s increases the price of cheeseburgers
The announcement came as the company released its half-year results, with total sales up 9.2%.
Net income declined 11.7% due to one-off items, including higher taxes.
The company also raised its revenue growth guidance for the year to 7% to 8%.
The war in Ukraine has helped push up fuel and food costs further, with UK inflation – the rate at which prices are rising – hit 9.4% in June, the highest in more than 40 years.
Some companies are also having to raise wages to attract and retain employees, with job openings reaching near record highs. However, wage increases are not keeping pace with the rising cost of living.
On Wednesday, McDonald’s announced it was raising the price of its cheeseburger for the first time in more than 14 years – from 99p to £1.19.
It came after drinks giant Coca-Cola told Bloomberg that its global prices had risen by an average of about 5%.
Earlier this week, Amazon also announced it would raise prices for customers due to higher costs, The price of the Prime subscription service will increase by £1 a month from September.
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