(NEXSTAR) – Sick of hearing about how everything is becoming more expensive in 2022? Well, it’s, unfortunately, time to add one more thing to the list: doing laundry.
Amid ongoing supply chain issues and growing inflation, Procter & Gamble told investors Wednesday that its fabric care products will see a price jump effective Feb. 28.
The company said it had already informed retailers of the decision in December.
The price hike will apply to Tide, Gain, Downy, Bounce, and Unstopables products in all forms: liquid and unit-dose detergents, scent beads, liquid fabric softeners, and dryer sheets, Chief Financial Officer Andrew Schulten said.
“Since our last update, we’ve seen continued increases in diesel and chemicals with little offset in other materials,” Schulten said. “Freight costs have continued to increase. We now expect freight and transportation costs to be an incremental $300 million after-tax headwind for fiscal 2022.”
Procter & Gamble has already raised prices in all 10 of its U.S. categories: baby care, fabric care, feminine care, personal health care, family care, home care, hair care, grooming, oral care, and skincare.
On Tuesday, the company told retailers that some personal health care brands would also see higher prices starting in mid-April. Schulten didn’t specify which brands would be affected in the category, which includes Pepto-Bismol, Prilosec OTC, Vicks, Align, and Clearblue, among other well-known names.
Inflation for U.S. consumers reached its highest point in 40 years after jumping 7% higher in December than it was a year ago.
On Wednesday, President Biden acknowledged in his first news conference of 2022 that Americans have suffered “almost two years of physical, emotional and psychological impact” of the pandemic, but claimed he has outperformed expectations during a tough time.
Biden said he backs Federal Reserve Chairman Jerome Powell’s anticipated tightening of monetary boosting policies.
“Given the strength of our economy, and the pace of recent price increases, it’s important to recalibrate the support that is now necessary,” Biden said. “Now, we need to get inflation under control.”