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P&G to hike prices on household staples

04/20/2021 | 11:56am EDT

Consumer products company Procter & Gamble - which beat quarterly sales and profit estimates on Tuesday - announced it will start charging more for household staples.

The global health crisis has boosted sales of P&G's hygiene and washing products such as Charmin toilet paper and Tide laundry detergents for over a year, as consumers stockpiled on essentials and cleaning supplies to stay prepared for lockdowns.

With the demand still up, P&G maintained its annual sales growth at 5% to 6%.

And raised its planned share buybacks for fiscal 2021 by $1 billion to $11 billion.

However, the rollout of vaccines and people starting to return to more relatively normal lives have raised doubts over how long that level of growth can be maintained.

Another challenge: commodity prices are rising.

To offset that P&G said it will hike prices on baby care, feminine care and adult incontinence products.

It's the latest consumer-products company to announce price hikes amid pressure by recent increases in cost of raw materials such as pulp, recycled fiber and resins.

Rival Kimberly-Clark said in March that it would hike prices of its Scott toilet paper, tissues and diapers in North America by similar levels as P&G, starting June.

ę Reuters 2021
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