Now cost of Kit Kat rises

NESTLE became the latest consumer goods giant to announce huge price hikes as the squeeze on household budgets tightens.

The Kit Kat and Cheerios maker jacked up prices by 6.5pc in the first half of the year, compared with a year earlier. The increase will hit staples including Nescafe coffee, haagen-Dazs ice cream and Purina pet food.

The hikes follow similar moves from the owners of heinz baked beans, hellmann’s mayonnaise, Cadbury, Evian and Dettol.

Firms are grappling with the soaring cost of everything from energy and staff to ingredients.