Apr 28, 2022
Unilever raises prices by 8% and warns inflation will accelerate
Unilever raised its prices by more than 8 per cent in the first quarter, cutting into the volume of products it sold as it said it expected inflation to accelerate in the second half of 2022. In home care, inflation was especially high: Unilever, which makes Cif cleaners and Domestos bleach, pushed prices up 12.5 per cent, resulting in a 2.89 per cent drop in sales volumes. Prices in beauty and personal care rose 7.4 per cent. Pitkethly said Unilever was "More exposed to certain elements of commodity inflation than a number of our peers are" but that the volume decline was smaller than the group had expected given the "Unprecedented" cost rises. The latest price increases follow a turbulent period for Unilever in which it made three bids for the consumer health division of GlaxoSmithKline late last year, only to face anger from shareholders when the offers were made public.
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