Tide, Downy, Bounce Products Will Raise In Price By 8%
Multinational consumer goods corporation Procter & Gamble plans to increase prices on some of its products by an average of 8% due to rising inflation.
The company said in an earnings call on Wednesday that the increase for products like Tide detergent, Downy fabric softer, and Bounce dryer sheets will go into effect on Feb. 28. By April, prices will increase for an array of health care products like baby care, feminine care, family care, home care, hair care, grooming, oral care and skincare products.
“The degree and timing of these moves are very specific to the category, brand, and sometimes the product form within a brand. This is not a one-size-fits-all approach,” Chief Financial Officer Andre Schulten said on the call, CNBC noted.
Some of Procter & Gamble’s most notable products include items from Gillette, Charmin, Bounty, Dawn, Pampers, Crest, Metamucil, Febreze, Pantene, and Vicks.
The price increase comes as the company attempts to avoid cost pressures from transportation, labor and other business costs.
"Transportation and labor markets remain tight. Availability of materials remain stretched. In some categories and in some markets, inflationary pressures are broad-based with little sign of near-term relief," Procter & Gamble CEO Jon Moeller said on the call, according to CNN.
Moeller explained during the call that although prices have increased, the demand for Procter & Gamble products has not gone down.
"We haven't seen noticeable changes in consumer behavior," he said.
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