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Nestlé Malaysia to raise prices of selected products as cocoa gets more expensive

Publish date: Mon, 22 Apr 2024, 04:04 PM

KUALA LUMPUR (April 22): Nestlé (Malaysia) Bhd is set to adjust prices of selected products in response to the recent surge in global cocoa prices, said chief executive officer Juan Aranols.

However, he emphasised that the company aims to keep the price increases minimal, and plans to implement only moderate adjustments for certain products.

“The company is cautious about price increases, which can affect customers' purchasing power.

“However, due to the volatility in commodity markets - of course, we will not fully pass on the impact - there may be some price increases that we have to undertake in the next few months," he told reporters following the launch of the Nestlé Salary For Life 2024 contest here on Monday.

According to news reports, the futures prices of cocoa rose by almost 6% last week.

Looking ahead, Aranols said Nestlé Malaysia anticipates subdued consumer sentiment this year, due to factors like food inflation, driven by international commodity prices.

“However, we remain positive and are committed to providing safe, high-quality products that stand out against competitors," he said.

Earlier on, Nestlé Malaysia unveiled the return of the Salary For Life contest, offering RM4 million in cash prizes benefiting 700 Malaysians.

Running from May 1 to June 30 this year, the contest offers a grand prize of a monthly RM3,500 Salary For Life for two fortunate Malaysians. 

Additionally, Nestlé Malaysia will make contributions to 17 charitable organisations associated with the contest finalists.

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