Cadbury-owner Mondelez reported a rise in sales in the final quarter but cautioned consumers are starting to rein back spending after hefty price hikes.
Profit margins rose steadily through 2023 at the Toblerone and Ritz Crackers group, helped by it pushing through higher prices.
Revenues in Europe grew by 11.6% in the final three months led by volumes increasing by 3.3 percentage points, but prices were up by 8.3 percentage points.
Over the year, however, European revenue was up 14.5% suggesting some slowing towards the end of the year.
Mondelez added it "expects customer disruption during the first quarter and potentially into the second quarter" in Europe this year due to "still-high inflation".
In North America too, Mondelez saw some pushback, with volumes down 5.5 points in the fourth quarter, blamed on weaker biscuit sales and inventory control. North American prices rose by 7.4 percentage points.
Overall, revenues in the fourth quarter rose by 7.1% to US$9.8 billionn and for the year by 14.4% to US$36 billion.
Net earnings increased 13.1% to US$4.37billion for the year on an adjusted basis.
Dirk Van de Put, chairman and chief executive, said: "Our growth was balanced across developed and emerging markets, with robust performance in all regions.
“We remain confident that we are well positioned for sustainable top-and bottom-line growth in the years ahead.”
Shaes fell 2.5% overnight to US$74.50.