Procter & Gamble announces price hikes, blaming tariffs
FILE-Tide, a laundry detergent owned by the Procter & Gamble company, is seen on a store shelf in Miami, Florida. (Photo by Joe Raedle/Getty Images)
Procter & Gamble said it would raise prices on about a quarter of its products in the U.S. in part because of higher costs from President Donald Trump's tariffs.
On Tuesday, the organization estimated that tariffs will increase its costs by about $1 billion before tax for fiscal 2026, the Associated Press reported.
When is the Procter & Gamble price increase happening?
Why you should care:
The price increases will take effect in August and will be in the mid-single digit percentages and will also be combined with improved features in the products, the Associated Press reported, citing comments from Procter & Gamble’s Chief Financial Officer Andre Schulten told reporters on a call Tuesday.
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These price hikes are happening as the consumer products titan told the AP that its customers are more prudent with spending, focusing on larger pack sizes at warehouse clubs and prioritizing bargains. Procter & Gamble manufactures items like Crest toothpaste, Tide detergent and Charmin toilet paper.
According to the AP, Procter & Gamble reported net income of $3.62 billion for the quarter ending June 30. Sales for the company soared to $20.89 billion, an increase from $20.53 billion in the 2024 quarter.
The Source: Information for this story was provided by the Associated Press, which cited comments from Procter & Gamble’s chief financial officer and references company financial data. This story was reported from Washington, D.C.