Nestlé has saved mountain climbing costs this yr

London
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…

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