Nestlé CEO pushes back against accusations of price gouging

'We don't consider those (accusations) to be an accurate description of where we are,' Nestlé CEO Mark Schneider told reporters

Nestlé, which makes Kit Kat chocolate wafer bars, Nescafe, Nespresso and Perrier, reported a 10.6% rise in earnings per share in the first half of 2023, when it raised prices by an average of 9.5%.

Nestlé will raise prices at a more moderate rate in the remainder of 2023, its chief executive has said, as the company hit back at criticism that food manufacturers are charging more than they need to.

Consumer goods companies have raised prices in the past two years in response to the impact of the covid pandemic, disruption to crop yields from unusual weather patterns and Russia's invasion of Ukraine.