Rising food prices are biting at the supermarket till, and even giant producers such as Unilever admit they are feeling the pinch.
With raw materials and commodity costs inflating, the world’s number three consumer goods giant is putting up its own prices in response. Despite such pressures, the company beat investor forecasts with an 8.4% rise in first-quarter sales.
Said finance director Jean-Marc Huet: “The competition is intense, we have seen some moderation in emerging market growth while developed markets remain muted, but we have had a good start to the year and we are becoming more competitive.”
Unilever shares today added 60p to 2139p. Emerging markets, which make up more than half of Unilever’s business, grew 12%.
Unilever sells Lipton tea, Ragu sauces and Blue Band margarine among many other household names.
