Reckitt Benckiser Hikes Prices To Compensate For Falling Demand: FT

• Reckitt Benckiser Group Plc (OTC:RBGLY) (OTC:RBGPF) has hiked prices across its product range to pass an increase in raw material costs onto customers, the Financial Times reported.
• The move comes after the consumer giant said that inflation on the cost of goods sold has increased from low teens to high teens based on current commodity pricing.
• The report noted the price rise is also seen as a way to compensate for a fall in demand for disinfectants now that COVID restrictions have been eased.
• The company reported Q1 like-for-like sales rose by 5.6% to £3.4 billion.
• The report noted that Unilever PLC (NYSE:UL) had also announced an 8% price hike after the war in Ukraine contributed to higher input costs.
• Price Action: RBGLY shares closed higher by 0.79% at $15.68 on Thursday.
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