Nestle chairman says company will have to take action on prices, Reuters says

Nestle (NSRGY) chairman Paul Bulcke said that the company will have to take action on prices to encourage consumers to purchase more of its goods, as the company continues to grapple with a challenging phase following the departure of its CEO earlier this year, Reuters’ Dave Graham reports. Bulcke noted that the company reduced its marketing and advertising budget and invested less in innovation during the COVID-19 pandemic, adding that the company had to raise prices during a subsequent period of inflation, the author says, citing advance excerpts of an interview with Swiss television channel TeleZueri due to be broadcast later on Tuesday. “We will balance that out now,” the chairman said. “Perhaps we went a bit too far with prices. That needs to be rolled back. The consumer must be able to buy our products. We need to act there.”