P&G forecasts annual profit below estimates as costs surge

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Reuters UK

(Reuters) -Procter & Gamble Co forecast full-year earnings below analysts’ estimates on Friday, as the consumer goods giant struggles with surging transportation and commodity costs, sending its share down about 4% in premarket trading. Waves of the pandemic, clogged shipping ports and the Russia-Ukraine war have snarled global supply chains and led to a jump in prices of commodities including pulp, resin and polypropylene, pinching profits of consumer goods makers. Companies’ price hikes to offset those cost increases are also now being met with some resistance from major retailers, which are…

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