Nestle CFO Warns Of Tough First Half In 2023: Report

Nestle ADR NSRGY Chief Financial Officer Francois-Xavier Roger said the first six months of 2023 will be challenging.
Nestle CFO expects inflation to retreat in the second half of the year, Bloomberg reported.
"We are likely going to go into a recession — we know that the next six months are probably going to be complicated and difficult," Roger said in an interview.
The severe macroeconomic condition will likely lead to a slowdown in consumption, the executive added.
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The wage inflation, along with soaring electricity prices, will also add to the pressure points. Nestle has also been dealing with a rise in input costs in 2022.
The report further added that the dairy products maker aims to spend about $1.1 billion on sustainable packaging and carbon reduction next year.
The CFO said the investment would bear returns, meaning that "we have an impact in terms of carbon reduction, in terms of plastic reduction, in terms of water reduction."
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Price Action: NSRGY shares closed lower by 0.38% at $116.15 on Thursday.