×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Skip to main content
Tags: P&G | consumer goods prices | inflation | supply chain disruption | post-pandemic recovery

P&G to Hike Prices Due to Materials, Transportation Costs

P&G
(AP)

By    |   Tuesday, 19 October 2021 08:58 AM EDT

Procter & Gamble (P&G) is raising prices on more consumer staples, as transportation and raw materials costs have gone up even more than P&G had expected, the Wall Street Journal reports.

P&G now expects to spend $2.1 billion more on transportation and raw materials for the discal year ending June 2022, a 10.5% increase from the $1.9 billion increase the consumer goods giant had projected, WSJ reports. The increases could have been higher, were it not for a rise in consumer demand for its products, the conumser goods giant says.

P&G items that will see prices increases include beauty, oral care and grooming goods. Earlier this year, P&G increased prices on such staples as diapers and toilet paper.

The Journal says inflation is at its highest level in a decade, put to the test by COVID-19-related labor and materials shortages. "We do not expect any easing of costs," P&G Finance Chief Andre Schulten told the WSJ. "We continue to see increases week after week, though at a slower pace."

P&G just announced its quarterlyl earnings per share, which dipped downwards by 1% to $1.61. During the quarter, P&G net sales increased 5% to $20.3 billion, beating the FactSet forecast of $19.8 billion.

To counter strains on the global supply chain and appear as if it is seamlessly contnuing to deliver goods to American consumers, Schulten says P&G has been using alternative shipping routes, reformulating products and, in some cases, rationing deliveries to retailers to avoid stockpiling.

On the bright side, P&G says consumers are buying record amounts of such pandemic-related goods as cleaners, paper towerls and toilet paper -- even with the price increases. Some of the most popular items are respiratory related.









 


 

© 2023 Newsmax Finance. All rights reserved.


Economy
Procter & Gamble (P&G) is raising prices on more consumer staples, as transportation and raw materials costs have gone up even more than P&G had expected, the Wall Street Journal reports.
P&G, consumer goods prices, inflation, supply chain disruption, post-pandemic recovery
283
2021-58-19
Tuesday, 19 October 2021 08:58 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved
Download the NewsmaxTV App
Get the NewsmaxTV App for iOS Get the NewsmaxTV App for Android Scan QR code to get the NewsmaxTV App
NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved