Procter & Gamble’s Profit Jumps as Consumers Brush Off Higher Prices

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Shoppers shrugged off rising prices last year on products like Pampers diapers and Charmin toilet paper, the consumer goods giant Procter & Gamble said on Wednesday in announcing a jump in its second-quarter earnings.

The company reported that price increases helped drive strong revenue for products like Crest toothpaste and Tide detergent, pushing earnings up 9 percent to $4.2 billion in the October-to-December quarter from a year earlier.

Procter & Gamble also said it expected more price increases throughout the year, starting in February on fabric care products like Gain, Bounce and Downy. Prices for personal care products will go up beginning in April.

American households have been squeezed by high inflation, which rose 7 percent in December, its highest level in 40 years.

Revenue at Procter & Gamble rose 6 percent to $21 billion from a year earlier, as the company was able to pass on higher prices for transportation and commodities to consumers.

“We delivered very strong top-line growth and made sequential progress on earnings in the face of significant cost headwinds,” said Jon Moeller, the company’s president and chief executive.

The earnings report comes as many companies struggle to offset the costs of supply chain disruptions. Companies including Nestlé and Danone also announced last year that they would raise prices to cover higher commodities and transportation expenses.

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