Monday, 15 August, 2022

KitKat and Durex makers warn of price rises

KitKat and Durex makers warn of price rises

Popular News


KitKat and Nescafe-maker Nestle has warned it will increase the prices of its products due to the growing cost of producing its goods.

Mark Schneider, boss of the food group, said it was "safe assumption" that prices would rise this year.

He said there was "no place" in the company that was "exempt of inflation".

Reckitt Benckiser, the consumer goods company behind Durex and Dettol, also said prices would rise, but added it hoped to absorb most of the increases.

Reckitt's costs rose 11% in 2021, but chief executive Laxman Narasimhan said that wouldn't mean prices rising by that amount, as the company had ways to "mitigate and manage pricing"

"We care about the competitiveness of our brands," he told a conference call. Jeff Carr, chief financial officer, said the firm's costs had increased "across the board", ranging from crude oil and plastic, to shipping and wages.