LONDON, Oct 19 Reuters Nestle posted lowerthanexpected ninemonth sales growth on Thursday as higher product prices made shoppers balk and hurt volumes, and said it had not seen any impact from weight loss drugs on its sales.

The packaged goods industry has for over two years hit shoppers with higher prices, citing higher input costs that started with the COVID19 pandemic and were exacerbated by Russia39;s invasion of Ukraine. Everything from sunflower oil to freight has become more expensive, taking a toll on global supply chains.

Nestle39;s 8.4 price increase was below the average analyst estimate of 8.6. Real internal growth RIG or a measure of sales volumes fell 0.6, meeting expectations. In the third quarter, RIG improved to a decline of 0.3, Nestle said.

The company39;s CEO, Mark Schneider, said he had confidence that real internal growth, the sum of volume and mix, will turn positive in the second half of the year and again become the main driver of growth going forward.

Investors and analysts have raised concerns that companies are pushing price rises too far and recommended that they focus more on marketing and innovation, amid a cost of living crisis that is seeing retailers39; private label brands stealing market share.

Organic sales, which exclude the impact of currency movement and acquisitions, rose 7.8 in the nine months ended September, the maker of Maggi stock cubes and Nescafe coffee said.

Analysts had on average expected organic sales growth of…