From meat to produce and cocoa, food prices have climbed significantly lately—but food and grocery companies might not pass that cost on to the consumer, executives told CNBC.
Appearing on "Squawk on the Street," Nestle USA CEO Paul Grimwood said Tuesday the world's largest consumer goods firm has experienced "a little bit of inflation in the marketplace." But the food and beverage giant, with products ranging from Gerber baby food and Nescafe coffee to Kit Kat chocolate and Maggi soups, has so far offset costs thanks to improved efficiency at its factories, he said.
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"It's important we do whatever we can to improve our efficiencies and to improve the value that many of our brands deliver, and at the end of the day, you know, only in the final set of circumstances do we put price increases through to consumers," Grimwood said. "We would rather do what we can to cover commodity increases with efficiencies, but obviously, that's not always possible."