Nestlé, the world's biggest consumer food company, says it will keep hiking prices in 2023, and that its rivals will have to do the same

• Food and drinks conglomerate Nestlé says it will continue putting up prices in 2023.
• Nestlé put prices up by 8.2% globally in 2022, rising to 11.6% in North America.
• The company said "gravity" will eventually mean its competitors have to do the same.

Nestlé, the world's largest consumer food company, which owns brands such as Nesquik and Nescafé in the US, says it will continue hiking its prices in 2023.

"Inflation has left its mark on gross margins and profit margins," CEO Mark Schneider told investors. "And clearly, some repairing still needs to be done."

The Swiss conglomerate said at its fourth-quarter earnings call on Thursday that the price increases would be targeted rather than across the board.