The company — whose brands range from Nespresso capsules to Purina pet food to Gerber baby products — said sales fell 0.6% in terms of volume in the January-to-September period from a year earlier.

Revenue reached 68.8 billion Swiss francs (US$76.6 billion) — 0.4% lower than the same period last year due to the strength of the Swiss currency.

But its organic sales growth — which excludes currency fluctuations and acquisitions — rose 7.8% as the company raised prices.

“Growth was driven by pricing as we continued to navigate historic inflation levels,” Nestle chief executive Mark Schneider said in an earnings statement.

The recovery of sales volume was “underway”, he added.

Consumer goods companies have raised prices across the world as inflation has remained elevated despite interest rate hikes by central banks.

Nestle has slowed its prices increases as they reached 8.4% over the nine-month period after rising by 9.5% in the first six months of the year.

The company confirmed its outlook for 2023, with organic sales growth between seven and eight percent.