Unilever hikes prices by 11% in UK due to rising costs

By: Gáspár Kinga Date: 2022. 07. 26. 12:06

Unilever has increased prices for products including Marmite, Pot Noodle, Magnum and Dove soap by up to 11% as it battles with rising costs throughout the supply chain.

Despite the price rises, Unilever turnover reached €29.6 billion (£25.1 billion) in the first half of the year

The FMCG giant revealed that the price of what it buys will rise by billions of pounds this year, but it is solving this pressure by putting up prices.

As a result, the company warned that the outlook for how much costs might increase by is “uncertain and volatile”.

Despite the price rises, Unilever said that turnover reached €29.6 billion (£25.1 billion) in the first half of the year, a rise of 14.9%. and has increased its sales guidance accordingly.

“Unilever has delivered a first half performance which builds on our momentum of 2021, despite the challenges of high inflation and slower global growth,” Unilever CEO Alan Jope said.

Matt Britzman, equity analyst at Hargreaves Lansdown said that it is “no surprise to see inflation and global uncertainty called out as headwinds, but importantly for Unilever work done raising prices is keeping sales and profits moving in the right direction.”

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