Consumer staples giant Procter & Gamble (NYSE: PG) is experiencing worse-than-expected cost inflation across its operations. In its earnings report for fiscal 2022's first quarter , which ended Sept. 30, the company said that it had underestimated by $500 million the impact inflation will have on its business over its current fiscal year.
Interestingly, management made a point of highlighting that those unexpectedly higher costs should not adversely impact its ability to hit its earnings target for the year.
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Inflation Will Cost Procter & Gamble by $500 Million More Than It Expected