Jannah Theme License is not validated, Go to the theme options page to validate the license, You need a single license for each domain name.

Nestle CEO alludes to price increases

Nestle CEO Mark Schneider claimed his company will continue to raise prices amid inflation with just over a week to Halloween.

“This is a situation no one wished for,” Schneider said in an interview with Bloomberg on Tuesday. “We are seeing huge upward pressure on energy, some of the agricultural commodities, and also transportation costs.”


Sugar and sweets alone have seen a price increase of 14.4%, the Bureau of Labor Statistics reported, and the cost of snacks soared by 14.7%. Nestle raised prices by 9.5% in the third quarter and subsequently saw a diminished increase in the volume of goods sold by 0.2%.

FILE – In this April 7, 2016, file photo Nestle’s directors speak in front of the Nestle’s logo during the general meeting of Nestle Group, in Lausanne, Switzerland. Starbucks is selling its Seattle’s Best Coffee brand to Nestle for an undisclosed amount. Switzerland-based Nestle has been in a partnership with Seattle-based Starbucks since 2018 and already distributes Starbucks-branded coffee in more than 80 markets worldwide. (Laurent Gillieron/Keystone via AP, File)

Laurent Gillieron/AP

Schneider cited increased energy prices in Europe and increased wages, set to be enacted in the first quarter of next year, as the reasons behind additional price increases. Its stock remains relatively stable despite the pressures brought on by inflation.


Still, the National Retail Federation predicted that families will spend over $10.6 billion on Halloween candy, cards, and decorations. The $10.6 billion mark would set a new record, and the Halloween of 2022 comes some four months after the Centers for Disease Control and Protection allowed children younger than 5 years old to receive the COVID-19 vaccine. Over 14.8 million children reportedly tested positive for COVID-19 nationwide since the onset of the pandemic. Nearly 163,000 of these cases came in the past four weeks, with 28,000 child COVID-19 cases reported in the second week of October.

Overall prices for candy competitor Hershey, the makers of Reese’s, Kisses, Kit Kats, and Twizzlers, similarly rose 14% this summer.

Related Articles

Back to top button