beat estimates for quarterly sales and profit on Wednesday, as price hikes on everything from Head & Shoulders shampoo to Tide detergent helped blunt the impact of higher raw material costs and a stronger dollar.
Demand for household consumer goods has so far fallen at a slower pace than discretionary products like apparel and electronics, as consumers prioritize spending on essential items. P&G said average prices across its product lines rose 9 per cent in the first quarter ended Sept. 30, while sales volumes fell 3 per cent.
Nestle has also benefited from price hikes and a smaller-than-expected slowdown in demand, with the world’s largest packaged food company posting its strongest nine-month sales growth in 14 years and raising its full-year forecast earlier on Wednesday.
Inflation, how does that happen you ask?
'boosted by price hikes' Or what I call price gouging the consumer
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