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Nestle fends off cost inflation, helped by higher prices

Nestle on Thursday confirmed it expects to grow sales around 5% and keep margins broadly stable this year after higher pet food, dairy and coffee prices did not deter consumers in the first quarter, forecasting more price increases ahead. Russia’s invasion of Ukraine has forced consumer goods companies to rethink their strategy in the country, while at the same time further pushing up costs for energy and commodities, threatening food groups’ profitability. But so far the world’s biggest food group, with well-known brands like Nescafe coffee and KitKat chocolate, has been able to pass higher costs on to customers.

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