Procter & Gamble is preparing to increase the price of a number of household goods. Andre Schulten, Chief Financial Officer, cited higher warehousing and supply chain costs as key factors.
The company has estimated that an additional $200 million will be spent due to higher freight costs, caused in part by labour shortages and ports still grappling with significant disruption.
Reckitt Benckiser flagged that it was seeing significant cost pressures due to higher costs including freight. The company estimated its input cost inflation was running at 10 per cent during the last three months.
The Chief Executive of Unilever has warned shoppers they are facing a “once in a two decade” environment of rising prices across almost every household product. Huge inflationary pressures forced the company to push up prices by 4.1 per cent in the past three months. The price increases are the biggest in 10 years.
The shortage of HGV drivers in the United Kingdom (UK) is also having a large impact on costs incurred by UK companies. This is in addition to worldwide supply chain issues such as the blocking of the Suez Canal by a ship in the summer and the closure of a large Chinese port because of Covid.
In yesterday's budget, the Chancellor Rishi Sunak stressed that the pressures on supply chains would take “months” to ease.
About Us - Tudor International Freight
Established in Horsforth, Leeds, back in 1991, we are a logistics company who are experts in road, air and sea freight. We transport goods to most major cities, towns and suburbs across all 6 continents. We go over and above to ensure that our client’s products, goods and cargo are transported around the world safely and successfully. We are a family business, who are still based in Horsforth, Leeds, West Yorkshire.