Business

Popular chocolate and sweet brands set for new year price hikes

Retailer hits out at ‘greedflation’ as many confectionary products rise at more than twice the rate of inflation

Four finger KitKat bar.
Nestle financials Nestlé products such including Kit Kats, are due to increase by around 13% from next month, taking the new recommended retail price up to 89p. (Dominic Lipinski/Dominic Lipinski/PA Wire)

The price of some of the most popular chocolate bars and confectionary will rise again in the coming days and weeks after retailers were asked to pass on new hikes to their customers.

Despite UK inflation sitting at 4% in December, some of the biggest confectionary brands are planning double digit price increases early in 2024.

Nestlé products such as Aero, Kit Kat, Toffee Crisp and Lion Bar are due to increase by around 13% from next month, taking the new recommended retail price up to 89p.

Cadbury and Mars have also upped their retail prices for many well-known brands, with increases ranging from 4% to 17%.

The new price lists have been issued to retailers by wholesalers, but it’s understood the latest increases have been set by the manufacturers.

The price of the most popular Mars brands, including Snickers, Twix and the bar bearing the company name, have this week increased in line with inflation (4%).

But the cost of other Mars products have increased by a more significant margin.

A standard Milky Way now costs 35p, 17% more than it did last week.

A 95g bar of Cadbury’s Dairy Milk has increased by 8% to £1.35.

Meanwhile, sweets like Wine Gums and Jelly Babies are also increasing by 8% later this year, while multipacks of softmints will go up by 20%.

One retailer who spoke to The Irish News said some Cadbury products, which retailed at around £1 last year, are now moving to £1.35.

The confectioner, who did not wish to be named, said: “I actually think there’s ‘greedflation’ with a lot of manufacturers now.

“I personally don’t see them grasping the economic crisis the country’s in.”

The latest financial results published by Nestlé in October 2023, revealed sales of £63 billion, with an underlying trading operating profit margin between 17% and 17.5%.

In November, Cadbury-owner Mondelēz International said its price increases had not only helped offset higher input costs, but resulted in the group raising its profit forecasts.

Earlier this month, the UK’s Office of National Statistics said inflation unexpectantly increased from 3.9% in November to 4% in December.

The surprise increase was in part driven by the rising price of tobacco and alcohol rising.

It’s understood that retailers have also been issued new price lists for tobacco and cigarettes yielding more increases early in 2024.