Nestle will raise prices further this year

 
CEO Mark Schneider says it was needed to offset higher commodity costs.

He did not comment on the planned level of the increases at the world’s biggest food group.

It will likely add more concerns to consumers, with spending power already hit by high inflation.

The Swiss group, which makes Nescafe and KitKats, raised prices by 8.2% last year.

But that was not enough to offset the impact of higher costs for ingredients.

Nestle is not alone in raising prices, as other rivals have also done so to cope with surging costs.

Nestle blamed its performance in North America and the Nespresso business.

It comes after full-year net profit missed analyst expectations.

It fell to $10 billion, compared to expert predictions of $12.5 billion.