Reuters: Procter & Gamble Co (PG.N) said on Tuesday it would raise prices of certain products in the United States to offset rising costs that were already weighing on its fourth quarter, after reporting a better-than-expected quarterly result.
“You have sown much, and bring in little;
You eat, but do not have enough;
You drink, but you are not filled with drink;
You clothe yourselves, but no one is warm;
And he who earns wages,
Earns wages to put into a bag with holes.” Haggai 6:1
The Cincinnati-based company joins a growing list of consumer product makers hiking prices this year as they battle increasing costs for everything from transport to pulp and resin or edible oils and nuts.
P&G said since it gave its initial guidance for fiscal 2021 last year, costs had risen by $400 million, including after tax costs of $125 million for commodities that will largely hit the fourth quarter and $200 million in higher freight costs.
“Rates continue to be up. Drivers and rigs continue to be in short supply. Sea freight continues to be at a premium. So we continue to see that pressure mounting and also impacting quarter four,” Andre Schulten, P&G’s new chief financial officer said on a call. Read More