Swiss food giant Nestle has announced plans to raise prices across its product range in response to increasing costs and a full-year profit miss in 2022.

The company had already raised prices on some of its products earlier this year, but now plans to increase prices on even more of its product lines.

Nestle’s sales and profits were both down in 2022 compared to the previous year, with the company attributing the decline to inflation eating into profits and increasing costs of raw materials.

The company has said that while the price hikes will help to offset some of the losses, it is also looking to drop some of its less popular product lines in order to reduce costs.

It remains to be seen whether the price increases will be enough to help Nestle’s bottom line in the long run, but the company is confident it can achieve “robust” growth in the year ahead.