(Bloomberg) -- Clorox Co. is planning to increase prices for its Glad products in July -- and more hikes could be on the way, company executives said on Friday.
Chief Executive Officer Linda Rendle said the company is experiencing “extraordinary circumstances” when it comes to the resin that's used to make Glad's bags and wraps.
“Given the volatility and the increases we're seeing in the resin market, we're looking at taking additional pricing in Glad based on what we've seen,” Rendle said in a call with analysts following the company's earnings report.
Clorox is looking at prices across its portfolio of products, with the idea of targeted hikes where they will improve margins, she said.
U.S. companies are facing soaring bills for all kinds of materials that they need to do business, and with demand high, and those price hikes could be passed on to consumers. Data that show inflationary pressures are building in the economy as the pandemic recovery gains speed. Clorox joins a number of consumer-products companies raising prices, including Procter & Gamble Co., Hershey Co. and Kimberly-Clark Corp.
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