High producer costs and inflation strike another blow in the pockets of consumers now, with a new rise in products from Procter & Gamble.
Procter & Gamble confirmed this week that it will be raising prices on some of its products, adding that prices They will be adjusted in the coming weeks from February..
“Some price increases will take effect in the coming months. We have a series of price increases going into effect in February,” Procter & Gamble chief financial officer Andrew Schulten said during a call with shareholders.
Rising prices was the measure companies found pass on the cost of production to consumerswhich also affects inflation.
This is one of the fears of the Federal Reserve System (Fed), because as long as consumers are willing to pay for such price increases, inflation starts to normalizewhich could be devastating as they fight to get that figure back to the 2% target.
While brands such as Procter & Gamble have announced new price hikes, some retailers trying to do the same during the Christmas sales season have failed because consumers were more sensitive to higher costsAccording to the Fed report.
This isn’t the first time P&G has raised prices.
Price hike announced by Procter & Gamble This is the second that the company will implement in less than six months..
Last October alone, the company increased net prices by 10% on all of its home, fabric and personal care products. among these razor brands are Tide, Dawn and Gillette.
However, Procter & Gamble did not provide details on price increases expected from February. what will be the products or lines of business it will depend on the settings.
The most recent data shows that Procter & Gamble has increased prices for beauty products by 9%, for body care by 11%, for health products by 5%, for fabrics and home care products by 13%, for goods for infants, women and children, and by 9%.
Procter & Gamble reported net sales of US$20.8 billion. in the second quarter of fiscal year 2023, down 1% from the previous year.
Source: La Opinion
Alfred Hart is an accomplished journalist known for his expert analysis and commentary on global affairs. He currently works as a writer at 24 news breaker, where he provides readers with in-depth coverage of the most pressing issues affecting the world today. With a keen insight and a deep understanding of international politics and economics, Alfred’s writing is a must-read for anyone seeking a deeper understanding of the world we live in.