When it comes to your cleaning necessities, get ready to shell out some cash for less products.
Proctor & Gamble, the parent company of many of your go-to cleaning supplies like Cascade, Tide, and Swiffer, among others, is set to hike the prices on many of its goods. The company cites inflation and the cost to manufacture its products as the reason behind the increases.
On Thursday, the company reported year-over-year declines in sales, revenue and profits despite raising prices to offset losses. The dropoff was linked to a slip in consumer demand.
In concert with the price hikes, P&G is also set to scale back on its product sizes. Known as shrinkflation, consumers will pay the increased cost while simultaneously receiving less product than they had previously for the item.
Even as demand dwindles for the consumer-goods behemoth, P&G has no plans to lower price in the short-term. In Thursday's earnings call, Andre Schulten, chief financial officer at P&G, said consumers continue to make purchases because the items his company provides are necessities.
"Consumers don't stop washing their hands or doing their laundry," he noted.
Prices are set to increase even more in the coming months. P&G also boosted its 2023 sales outlook to a range between 4 and 5 percent growth.
President Donald Trump is talking up a joint venture investing up to $500 billion for infrastructure tied to artificial intelligence by a new partnership formed by OpenAI, Oracle and SoftBank. The new entity, Stargate, will start building out data centers and the electricity generation needed for the further development of the fast-evolving AI in Texas, according to the White House. The initial investment is expected to be $100 billion and could reach five times that sum. While Trump has seized on similar announcements to show that his presidency is boosting the economy, there were already expectations of a massive buildout of data centers and electricity plants needed for the development of AI.
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