Nestle plans further price hikes on surging costs

Nestle blamed its performance in North America and the Nespresso business. It comes after full-year net profit missed analyst expectations.

The Swiss group, which also makes Nescafe and KitKats, raised prices by 8.2% last year. Pic: Stefan Wermuth/Bloomberg

Nespresso maker Nestle said will raise prices further this year to offset higher commodity costs, said the company’s chief executive Mark Schneider.

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