[Asia Economy New York=Special Correspondent Joselgina] American household goods company Procter & Gamble (P&G) announced that it plans to further raise prices of products such as Tide detergent and Downy fabric softener this year.
According to the Wall Street Journal (WSJ) on the 19th (local time), P&G disclosed its fourth-quarter results and announced a planned price increase effective from February 28. P&G also plans to raise prices of personal health products in April.
Previously, P&G raised prices on baby products, skincare, and other items last year. This move is interpreted as a response to rising production costs including raw materials, labor, and logistics. The management stated, "Price increases will continue throughout this year."
In the fourth quarter of last year, P&G's consumer product prices rose by an average of 3%. During this period, P&G recorded sales of $21 billion. Sales growth was confirmed mainly in health products and cleaning products. Fourth-quarter earnings per share rose 1% to $1.66.
The WSJ reported, "Not only P&G but also competitors such as Unilever and Kimberly-Clark are reflecting increased costs in consumer prices."
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