RTTNews | Apr 20, 2021 02:35PM EDT

14:35 Tuesday, April 20, 2021 (RTTNews.com) - Consumer goods conglomerate Procter &Gamble Co. (PG) said on Tuesday that it would be raising the prices of its baby care, feminine care and adult incontinence products in September this year in the wake of increasing commodity costs. The rise in prices could be in the mid-to-high single digit percentages, the company added.

Chief Operating Officer Jon Moeller said that the company will make the adjustments where it is necessary to offset certain costs. "The company also plans to focus on product innovation so that we actually improve consumer value as we implement that pricing," he added.

Procter & Gamble attributed higher pulp and rising oil prices as the main reason behind the increase in commodity costs. Moeller said, "Across the board, this is one of the bigger increases in commodity costs we've seen."

Earlier today, the company reported third-quarter profit of $3.27 billion or $1.26 per share, higher than $2.92 billion or $1.12 per share in last year's quarter. Analysts had expected the company to earn $1.19 per share.

For the quarter, the company's revenue rose 5.2 percent to $18.11 billion from $17.21 billion a year ago.

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