Procter & Gamble raises prices on consumer goods as Biden inflation surges

[SugarDaddy1]

Consumer goods company Procter & Gamble announced that customers should anticipate paying roughly 8% more for several of its products.

These include items such as laundry detergents Tide and Gain, Downy fabric softener, and Bounce dryer sheets, according to a report.

The announcement for the rise in prices comes in the wake of devastating economic figures showing that under President Joe Biden, inflation has surged 7%.

Source

 

[ll74]

Meanwhile, their profits are up.

Revenue: $20.95 billion vs. $20.34 billion expected
https://www.cnbc.com/2022/01/19/procter-gamble-pg-q2-2022-earnings.html

Net sales rose 6% to $20.95 billion, topping expectations of $20.34 billion. Organic revenue, which strips out the impact of foreign currency, acquisitions and divestitures, also rose 6% in the quarter. About half of that growth came from the benefit of raising prices on select products.

Sounds like a good time to have P&G stock.

But yes, they must raise prices to account.

 

[Rightguide]

Food is up over 30%, regular gas prices are up 58.7% over last year.