Hundreds of Unilever products, ranging from Marmite, PG Tips, Hellmann's, Lipton and more could go up in price again later in the year in UK supermarkets, the company has warned.
Prices have gone up by 8.3 per cent, the consumer giant said, as costs for raw materials skyrocketed, and as a result could see some more increases further down the line.
The higher prices meant that some customers, especially those in Europe and Latin America, bought less from the company.
But the amount of money Unilever made in sales still increased by 7.3 per cent, it said.
Bosses at the company are keenly aware that if they charge more for their products, customers could be tempted to opt for cheaper alternatives.
This seemed to be happening in Europe over the last three-month period, where prices rose by 5.4 per cent in the first quarter, and as a result consumers bought 4.4 per cent less.
Chief financial officer for Unilever, Graeme Pitkethly, said that in past years, European prices have often fallen year-on-year, so the shock of rising prices is clearer there.
He said: “We will have to continue to price with these levels of cost inflation that are higher now. We will do that very responsibly and very carefully, balancing out consumer affordability, balancing out our competitiveness and making sure we continue to offer value to our consumers."
When Unilever hikes its prices, billions of customers around the world are impacted.
The business sits behind products such as Ben & Jerry’s, Dove, Lipton, Flora, Hellmann’s, Domestos, Knorr, Vaseline and many more.
Chief executive Alan Jope said: “We are executing well in a very challenging input cost environment.
“Underlying sales growth of 7.3 per cent was driven by strong pricing, with a limited impact on volume in the quarter.
“This performance was delivered against the backdrop of significant rises in input costs that have further accelerated through the first three months of the year, and the human tragedy of the war in Ukraine.”
He added: “There is more to do as we navigate our business through unprecedented cost inflation, but we are making good progress.”
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