Nestlé posts 'fantastic growth' as food giant passes on global price hikes to consumers

Procter & Gamble has said it will also raise prices in the US and Danone has warned of price pressures next year

Nestlé is grappling with supply chain constraints as the world economy roars out of a Covid slump.

Nestlé -- the world's largest food firm --  raised its full-year sales target after it reaped the benefits of price hikes on its products ranging from pet food to bottled water with a forecast-beating third quarter.

The Swiss firm, whose shares rose more than 3%, has moved ahead of other consumer companies in passing on higher input costs to consumers, leveraging the strength of its brands such as Purina pet food and Perrier water.