Nestle is raising prices, reformulating products and cutting items consumers are unwilling to pay more for as it tackles the effects of higher energy, freight and raw material costs following the conflict in the Middle East, CEO Philipp Navratil has told Reuters.
While the world’s biggest packaged food maker has seen little direct impact on sales from the six-month-old US-Israeli war on Iran, Navratil says the conflict is contributing to inflationary pressures faced by suppliers.
“Each and every supplier of ours will have some increase in costs,” Navratil has told Reuters.
