Despite an 8 point 2 percent price increase in 2022, KitKat manufacturer Nestle has announced it will increase prices this year.
The largest food company in the world predicted that it would have to raise prices to cover rising ingredient costs.
Nestle, which also produces Buitoni pasta, Buxton mineral water, and Nescafe coffee, reported that its margins are currently taking a "massive" hit.
It would not say how much the price increase for this year would be.
The company suffered in 2022, according to boss Mark Schneider, due to the "many challenges and tough choices for families, communities, and businesses," which resulted in lower spending on many of the company's products.
Nestle's net profits for the year were 9.27 billion Swiss francs (£8.34 billion), significantly less than the analysts' predicted 11.58 billion francs (£10.42 billion).
As a result, according to Mr. Schneider, the company will spend 2023 "with a focus on restoring our gross margin.".
The news will be a further setback for struggling British consumers who are already feeling the effects of record inflation and skyrocketing food prices.
Since the Ukraine War increased the cost of commodities like food, fuel, and energy, prices have increased across the board.
Food inflation has reached a 45-year high as a result of the 16 point 7 percent increase in grocery prices in the year to January.
Coca-Cola announced that it will increase the price of its fizzy drinks again this year after increasing them by 11% in 2022. Other large food companies are also busy raising prices. During the year, rival Pepsi raised prices by 14%.
On Wednesday, McDonald's announced price increases of up to 20% for some items, such as its Mayo Chicken, which will increase from 99p to £1.19. The price of a cheeseburger increased by the same amount last year.
More than 2,000 brands are offered by Nestle, including those for coffee, pet care, baby food, beverages, cereals, and prepared foods.
It is best known in the UK for its KitKat and Smarties candy, Shreddies and Cheerios cereal, Nescafe and Nespresso coffee, San Pellegrino fizzy drink, and Purina pet food.
At its Dolce Gusto factory in the Midlands, it announced last month that 94 jobs would be lost.
It plans to close its confectionery factory in Newcastle this year, which will result in the loss of 475 jobs. The factory has been producing products like Fruit Pastilles, Toffee Crisps, and Rolos since 1958.