Unilever says prices hikes will continue into this year, …

Unilever Plc (ULVR.L) said on Thursday it would continue to raise prices for its detergents, soaps and packaged food to offset rising input costs, and ease up those hikes in the second half of 2023. The London-based company, which makes products including Dove soaps, savoury food spread Marmite and Ben & Jerry’s ice cream, expects cost inflation to continue in 2023, forecasting net material inflation in the first half of around 1.5 billion euros ($1.6 billion). “When it comes to coverage of the inflation that we’ve seen, we’re currently only sitting at about 75% of the total cost inflation covered,” said finance chief Graeme Pitkethly. “That needs to go above 100% to repair our gross margin.” Price increases would continue in the second half “but it will be a lower rates of increases…we are probably past peak inflation, but not yet past peak pricing,” Pitkethly said.