Inside these posts: Nescafe

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Nestle says it will hold price hikes to 1.6%

Nestle AG , the world’s biggest foodmaker, expects to raise prices by 1.6 percent in 2011, the company chairman said Tuesday, similar to last year’s increase despite soaring raw material costs.

Peter Brabeck-Letmathe told Reuters Insider that the company, which makes Nescafe coffee and Gerber baby food, would spend an extra $3.5 billion on raw materials in 2011, with more than half of that would be absorbed internally. Get the full story »