Global food prices surge
July 28, 2022 - Nestlé is the latest multinational food giant to pass on soaring costs to consumers amid the worst inflation in decades, caused by the war in Ukraine, rising fuel and energy bills and supply chain problems.
The Swiss food giant said it had increased prices by 6.5% in the first half of this year. Nestle, which also makes KitKat and Smarties, had already increased prices by 3.1% in the last three months of 2021.
Ice cream maker Ben & Jerry’s parent organisation, Unilever, warned Tuesday (July 26, 2022) that they are not done yet with consumer price increases after the company raised prices by 11% in the second quarter compared to the year before.
Soft drink giant Coca-Cola also admitted that it raised its average prices by around 12% in the second quarter, while South African restaurant chain Nando’s has increased prices by as much as 8%.
McDonald’s also bumped the price of a cheeseburger for the first time in 14 years, hiking it by 20%. Other products --such as McNuggets, breakfast meals, large coffees and some burgers -- will rise by between 10% and 20% over the coming weeks.
The average price of Tyson Foods’ products rose 17.6% in the first quarter, compared with the year earlier, with Tyson pork jumping 10.8%, chicken up 14.4% and beef soaring 23.8%.