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P&G to boost prices as costs bite

10/19/2021 | 12:24pm EST

Your morning routine may soon get more expensive.

P&G said Tuesday it'll raise prices on some of its grooming, oral and skin care products in the United States.

he maker of Gillette razors and Crest toothpaste said it'll hike prices on specific items - but not across the board. The latest price hikes come on top of those Procter & Gamble imposed earlier this year on its Pampers diapers and Always sanitary pads.

The consumer goods giant blamed higher costs for warehousing and raw materials. It also warned those costs will keep rising and take a bigger bite out of earnings. It raised its estimate for commodity and freight expenses for this fiscal year.

But P&G stuck to its full-year forecast for earnings and sales. It's betting that price hikes and higher demand for premium products will help offset the added costs.

The resurgence of coronavirus infections in Asia and labor shortages in the U.S. are straining global supply chains. The resulting surge in raw material prices is also squeezing profits at P&G's peers, Unilever and Reckitt Benckiser.

Shares of P&G fell in early trading Tuesday.


ę Reuters 2021
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