Life is sweet for Nestlé as old favourites drive sales
The worst US drought in more than half a century has pushed up grain prices sharply.
The United Nations food agency said yesterday that world food prices surged in July and could rise further.
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Hide AdNestlé said it expected price rises for its ingredients of only in the low to mid-single digits for the rest of the year, in line with its earlier forecasts and keeping it on track for its target of underlying sales growth of 5-6 per cent this year.
While cocoa prices are surging, coffee prices are well below two-year highs on expectations of a good harvest in top producer Brazil. Sugar prices are also down.