Kraft Heinz is the latest global consumer packaged goods group to report a strong double-digit jump in the fourth quarter of 2022 thanks to hefty price rises.

However, the US-based supplier forecast much slower growth and softer profits in 2023 as it remained under pressure from higher costs. It said it would lean further on pricing and efficiences to ease pressure on margins.

The group reported a 10.4% rise in organic net sales in the final three months of 2022, resulting primarily from a 15.2 percentage point hike in pricing.

However, the inflated prices saw consumers buy less of its goods, sending volumes down 4.8 percentage points in Q4.

Net sales for the quarter ended 31 December increased 10% to $7.4bn (£6.2bn), helped by a 53rd week in the financial year compared to 52 weeks in 2021, which was partially offset by currency headwinds.

Full-year revenues nudged up a more modest 1.7% to $26.5bn (£22.1bn), with international sales 8% higher and domestic North America sales, which make up the vast majority of the business, declining 0.1%.

Organic net sales for 2022 rose 9.8% year on year as prices increased 13.2 percentage points and volumes fell by 3.4 percentage points.

Annual adjusted EBITDA declined 5.8% to $6bn (£5bn) as Kraft Heinz battled higher supply costs and commodity prices, particularly in dairy, meat, soybean, vegetable oils, energy and packaging, as well as the decling volumes.

Although, net profits soared 131% to $2.4bn (£2bn) as the prior year was impacted by a non-cash write off.

CEO Miguel Patricio said 2022 was “an incredible year” for Kraft Heinz, “delivering strong results and ending the fourth quarter with solid momentum that positions us well for 2023”.

“We continue to see strength driven by our key growth pillars, while at the same time prioritizing investments in our brands and delivering on efficiencies,” he added.

“The results were even more impressive considering the difficult operating environment, with record levels of inflation and supply chain disruptions, to which our teams responded with agility.”

Kraft Heinz forecast organic net sales growth of 4% to 6% in 2023, with adjusted EBITDA in the range of 2% to 4% (boosted to 4% to 6% when excluding the impact of the 53rd week in 2022).

The group said it expected high single-digit inflation for the year, with more price rises and efficiencies contributing to a margin recovery, which would be invested in technology, marketing and people.