LONDON: Unilever Plc accelerated price increases to the highest rate in years, offsetting rising raw material costs and a decline in shipments in South-East Asia due to Covid-19 outbreaks.

       The maker of Lifebuoy soap and Oxo beef stock said it increased pricing by 4.1% in the third quarter, the fastest in at least seven years.

       That offset an unexpected decline in shipments.

       Rivals, ranging from Procter & Gamble Co to Nestle SA to Danone SA, have all warned of strained supply chains and soaring commodity costs.

       The risk is that price increases may lead consumers to switch to cheaper products from rivals. Unilever chief executive officer Alan Jope forecast at least another 12 months of inflationary pressure. ― Bloomberg