Unilever, the owner of Ben & Jerry’s, has pushed through sharper price rises than rivals, testing the limits of consumers’ tolerance
rose 5.2%, while volumes climbed 2.4%. P&G reported similar figures, saying its pricing rose 5%, while sales volumes increased 3%.
Still, it warned that inflation would only get more challenging, in part stoked by the fallout from Russia’s invasion of Ukraine. The company said it now expects input-cost inflation for the second half of this year of 2.7 billion euros, equivalent to about $2.8 billion, up from a previous estimate given just three months ago of €1.5 billion.
So far the drop in consumer demand in response to price increases has been lower than Unilever expected, said Chief Financial Officer Graeme Pitkethly on a call with reporters. “We are starting to see consumers downtrading and looking for value,” he said. The company will look to reduce costs, push pricier products and substitute in cheaper ingredients to limit price increases, he added.
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