P & G announces further price increase as it declares S4.2b revenue in Q4, 2021
Procter & Gamble has made known plans to increase the prices of laundry detergent and personal care products y February. The consumer goods giant said it will increase prices on fabric care products in February and personal care products in April by 8 percent, blaming high transportation and logistics costs for the action.
The products that will be affected by the price increase are its laundry detergent, fabric softener, and a slew of other products like Bounty, Pampers, and Crest.
Prices are slated to increase for some of the company’s personal care products beginning in April.
P&G has said that it’s raising prices because of transportation costs as supply chain issues continue to weigh on almost every industry.
U.S. Consumer prices rose by 7% under the Biden administration, the steepest climb in prices in nearly 40 years.
Meanwhile, the consumer goods giant has declared $4.2 billion in revenue for the fourth quarter of last year. The consumer goods giant reported that price increases for products like Crest toothpaste and Tide detergent helped drive revenue 6 percent higher from a year earlier, to $21 billion, and in the three months that ended Dec. 31, earnings rose 9 percent to $4.2 billion in the quarter.
American households have been squeezed by high inflation, which rose 7 percent in December, its highest level in 40 years. Gas prices moderated somewhat last month, but “food at home” costs and rent have grown more expensive. As the Omicron variant of the coronavirus continues to spread, demand for at-home products will also go up as more people stay indoors.
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