Despite an 8 point 2 percent price increase in 2022, Nestle, the maker of KitKat, has declared that it will increase prices this year.
The largest food company in the world predicted that in order to cover the rising cost of ingredients, it would have to raise prices.
Nestle, which also produces Buitoni pasta, Buxton mineral water, and Nescafe coffee, claimed it was currently suffering from a "massive" loss in profit margins.
The amount of this year's price increases was not disclosed.
Mark Schneider, the company's boss, claimed that the business suffered in 2022 as a result of the "many challenges and tough choices for families, communities, and businesses," which resulted in lower spending on many of the company's products.
In contrast to analysts' expectations of 11.58 billion Swiss francs (£10.42 billion), Nestle's net profits for the year came in at 9.27 billion Swiss francs (£8.34 billion).
The company will therefore spend 2023 "with a focus on restoring our gross margin," according to Mr. Schneider.
Consumers in Britain who are already struggling due to record inflation and skyrocketing food prices will take this news as a fresh blow.
The cost of commodities like food, fuel, and energy has increased since the conflict in Ukraine.
Food inflation reached a 45-year high in January thanks to an increase in grocery prices of 16.7% over the previous year.
Coca-Cola has announced that it will increase the cost of its carbonated beverages once more this year, following an 11 percent price increase in 2022, along with other major food companies. Rival Pepsi raised prices by 14% over the course of the year.
On Wednesday, McDonald's announced that some of its prices would be going up by as much as 20%. One such item is its Mayo Chicken, which will increase from 99p to £1.19. A cheeseburger's cost increased by the same amount last year.
Nestle sells over 2,000 brands, including those for coffee, pet care, baby food, beverages, cereals, and prepared foods.
Nescafe and Nespresso coffee, cereals like Shreddies and Cheerios, fizzy drink San Pellegrino, and Purina pet food are some of its best-known products in the UK.
In the Midlands, at its Dolce Gusto factory, it announced last month that it would eliminate 94 jobs.
With the closure of the confectionery plant in Newcastle, where products like Fruit Pastilles, Toffee Crisps, and Rolos have been made since 1958, 475 jobs will be lost.