Its CEO, Juan Aranols, said the company aims to keep the price increases minimal and plans to implement only moderate adjustments for certain products, Bernama reported.

“The company is cautious about price increases, which can affect customers’ purchasing power.

“However, due to the volatility in the commodity markets – of course, we will not fully pass on the impact – there may be some price increases that we have to undertake in the next few months,” he was quoted as saying.

Aranols was speaking to reporters following the launch of the Nestlé Salary For Life 2024 contest here today.

According to news reports, the futures prices for cocoa rose by almost 6% last week.

Last week, Forbes reported that cocoa prices were at a record high due to a dramatic drop in supply.

Aranols’s statement comes two days after Nangyang Siang Pau reported that prices for Milo sold to coffee shops and restaurants, or “out-of-home” consumption, would increase in July.

Quoting reliable sources, the daily reported that a box of Milo containing six bags would increase to RM578 from RM369.

They warned that this might lead to customers being charged more for a cup of Milo.