Unilever has raised prices faster than its biggest rivals P&G and Nestle since the middle of 2021, in a replay of its strategy during the 2007-09 financial crisis.
The British maker of Dove soap, Hellmann's condiments and Marmite spread, said at the end of October that its price increases hit an all-time high of 12.5% in the third quarter.
Ratcheting up prices, however, risks damaging relationships with retailers, which are also trying to protect their margins. "There are several levers we can pull before increasing prices on shelf, which is a last resort and carefully considered, including reducing promotional activity and offering a selection of products that have higher margins," a spokesperson for the company said.
"It's related to how much inflation they are dealing with and exposure to commodities," said Ackerman of Unilever."We are still absorbing significant cost, which has led to a notable decline in our gross profit margin," a Nestle spokesperson said.
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