Proctor & Gamble raising prices as inflation persists
Fabric & Home care products saw the biggest price hikes during Oct-Dec
Shoppers are going to be paying even higher prices for Proctor & Gamble products, such as detergent and razors.
"Some price increases will go into effect in the next couple of months," said the company's CFO Andrew Schulten on the earnings call. "We have a number of price increases that go into effect in February" he added.
|PG||PROCTER & GAMBLE CO.||146.51||+2.50||+1.74%|
Already total average prices rose 10% during the October to December period with double-digit increases for home and fabric care, as well as grooming.
P&G's products, such as Tide, Dawn and Gillette razors, fall into those categories. FOX Business' inquiries to the company about which specific products will be costing more were not immediately returned.
While consumer prices eased to 6.5% in December, Schulten warned that the lower trend might not continue.
"There is no guarantee commodity prices will continue to come down," he said. "
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On Thursday, the company reported that net sales reached $20.8 billion over the second quarter of fiscal 2023, a decrease of 1%, compared to the prior year, while profits slipped 4% year over year, and operating income lost 7%.
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Despite the drop in quarterly sales and year-over-year profits, P&G raised its outlook for 2023 sales growth to a range of 4% to 5% from a prior range of 3% to 5%.