The price of goods continues to rise globally, and residents of Montserrat can expect to see the same here.
Victor’s Supermarket CEO Manish Valechha said that the recent announcement by Nestle that it will be raising prices to recover it’s “gross margin” in 2023 will affect many of the popular products sold on the island. These include Kit Kat chocolate bars, Nescafe coffee, Cheerios, and Dog Chow dog food.
According to BBC.com, Nestle, which is the world’s biggest food company, said it would be forced to charge more to cover the increasing cost of ingredients.
The company, which also makes Buitoni pasta, Buxton mineral water and Nescafe coffee, said it was taking a “massive” hit to its margins at the moment.
It refused to say how much prices would climb this year.
As Nestle has not revealed how much they will increase the products to it is not possible to estimate what the goods will cost landed, at a time when the cost of freight continues to fluctuate.
“Boss Mark Schneider said the company suffered in 2022 because of the “many challenges and tough choices for families, communities and businesses” which led to lower spending on many of the firm’s products,” the BBC report noted.