Unilever, whose big brands range from Pot Noodles and Persil to Bovril and Brut, has already hiked prices by more than 8% in the first three months of this year to offset rising costs
Image: AFP via Getty Images)
The maker of Marmite has joined the tide of big companies warning of further price hikes.
Unilever, whose big brands range from Pot Noodles and Persil to Bovril and Brut, has already hiked prices by more than 8% in the first three months of this year to offset rising costs.
It said today: “This period of unprecedented inflation requires that we take further pricing action.”
Unilever CEO Alan Jope added: “We are very aware of the pressure on consumers. We believe that price increases are the right reaction to this extreme raw material cost pressure.”
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A host of other food and beverage makers, from KitKat maker Nestle to warehouse maker Heineken, have announced further price hikes to recoup increases in everything from energy to labor costs.
Success for shoppers depends on how much of it is passed on by supermarkets and others.
London-based Unilever said it expects costs to rise by £1.8bn in the first half of this year and £2.3bn in the second, partly because of the Russian war in Ukraine.
Warren Ackerman, an analyst at Barclays, said Unilever’s costs would quadruple from last year, adding: “This is not the peak.”
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Unilever has been impacted by rising prices for soybean oil, grain and other foods used in products from Hellmann’s ketchup to Knorr bouillon cubes.
The company increased prices in Europe for retailers and others by 5.4% in the first three months of this year.
https://www.mirror.co.uk/money/unilever-warns-more-price-rises-26826425 Unilever warns of further price hikes as costs of Marmite and Pot Noodles soar