Reckitt Benckiser Hikes Prices To Compensate For Falling Demand: FT

Author: Shivani Kumaresan | April 29, 2022 07:37am

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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