Chocolate and coffee giant Nestle confirms huge price hikes of supermarket favourites
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KITKAT and Nespresso maker Nestle has revealed it's hiked the cost of its coffee and chocolate for customers.
The Swiss company said it's raised its prices by 2.1% overall - but for some items the hikes are in the double digits.
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The chocolate and coffee maker says it has seen costs increase so has passed on these hikes to customers
It blamed surging costs of coffee beans and chocolate.
"Despite the significant level of the increases in many markets, the actions were implemented with limited customer disruption," Nestle said.
The company said it had better-than-expected sales growth of 2.8% in the first three months of the year.
The higher prices accounted for much of the rise.
Nestle said it had seen demand drop significantly following the price increases but it is now bouncing back.
It also warned there could be further impacts on customers due to higher global tariffs.
US President Donald Trump recently launched a global trade war when he announced major tariffs on dozens of countries.
The move has raised fears of a global recession, sent stock markets tumbling and caused economic uncertainty for businesses trading internationally.
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