Proctor and Gamble makes a variety of familiar products under various brand names. As we noted last October, we were awaiting details on a predictable next wave of retail price increases for products in the chemical and household cleaner segment.
Today, P&G announced an average price increase to retailers of 8% on their laundry products (Tide, Gain, etc.) effective with the next fulfillment of supplier purchase orders. On the liquid detergents, that’s an average increase well over $1 per bottle…. YIKES.
It’s going to cost you more to wash your clothes. Procter & Gamble (PG) said Wednesday that it was raising prices by an average of about 8% on retail customers next month for its Tide and Gain laundry detergents, Downy fabric softener and Bounce dryer sheets.
[…] “Transportation and labor markets remain tight. Availability of materials remain stretched,” P&G CEO Jon Moeller said on an analyst call Wednesday. “In some categories and in some markets, inflationary pressures are broad-based with little sign of near-term relief.” P&G makes many of the most recognizable brands in US homes, such as Gillette, Charmin, Bounty, Pampers and Crest.
[…] Moeller said P&G has raised prices on all 10 of its product categories in the United States and told retailers Tuesday it will be increasing prices on some personal health care brands in April, although he didn’t specify which ones. (P&G makes Metamucil, Neurobion, Pepto-Bismol and Vicks.)
The wholesale prices of products into the system that end up at the retail level is still through the roof. In a major way, this is being driven by massive increases in energy costs throughout the entire supply chain.
This is going to get even uglier. Even if wages jumped in price 5% overnight (single month), which would be a large increase in wages, those wage increases are nowhere near enough to deal with this level of price increase at a consumer level. A nickel more per dollar earned is futile against a loaf of bread costing $1 more, or gasoline at $4.00/gal.
Do what you can do now to start preparing your weekly budget in ways you may not have thought about before. Shop sales, use coupons, look for discounts and products that can be reformulated into multiple meals or multiple uses. Shelf-stable food products that can be muti-purposed with proteins is a good start.
Consider purchasing the raw materials for cleaning products and reformulate them yourself to avoid these massive increases in petroleum costs. Most working families use laundry detergent, and that cost is going through the roof with no sig…