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Expect High Prices For Consumer Goods

Some shoppers in a supermarket

CONSUMERS HAVE been asked to get ready for an increase in prices of everyday items as global food companies are warning of a possible price rise.

Companies including food giant Unilever and lubricant maker WD-40 gave the hint as they indicated they were grappling with supply difficulties.

The maker of Dove soap and Magnum ice-cream bars has already raised their prices by more than 4% on average last quarter, the biggest jump since 2012, and signaled elevated pricing will continue into next year, a report by Bloomberg indicates.

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The new portal further noted that Nestle, Procter & Gamble, and Danone, whose products dominate supermarket aisles and kitchen cupboards, have a made similar refrain.

“We’re in for at least another 12 months of inflationary pressures,” Unilever CEO Alan Jope said in a Bloomberg Television interview. “We are in a once-in-two-decades inflationary environment.”

Companies are facing a dire mix of supply-chain challenges, as well as higher costs for energy, raw materials, packaging and shipping, the interview said.

While most consumer-goods makers this week expressed confidence that they will be able to limit the long-term hit to profitability, that means the pain passes to consumers, tightening the squeeze on pockets as Christmas approaches.

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U.S. inflation has accelerated rapidly this year to the strongest since 2008.

Across developed economies, the post-pandemic supply-demand imbalances have pushed the rate above 4% for only the second time in the past two decades.

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