Procter & Gamble will start the price hikes in August as the company expects about $1 billion in added costs from Trump's tariffs during the 2026 fiscal year. P&G revealed the financial impact in its latest earnings report on Tuesday, July 29.
The increases will apply to about a quarter of P&G's products sold in the US, Reuters reported. A company spokesperson said prices will rise by "mid-single digits across categories," with major retailers like Target and Walmart being notified of the higher costs.
The move comes less than two months after P&G decided to cut up to 7,000 non-manufacturing jobs over two years, along with phasing out some products and brands. The Cincinnati-based company operates eight plants in the Northeast, including sites in Massachusetts and Pennsylvania.
P&G chief financial officer Andre Schulten said US and European market growth has slowed from the start of 2025, citing unanticipated economic and geopolitical conditions. In April, P&G said its largest tariff impacts stemmed from raw and packaging materials and finished products sourced from China.
The price hikes come as lower-income consumers, in particular, are pulling back and seeking cheaper alternatives. Analysts say P&G's household staples remain essential for many families, but higher costs could add pressure to already tight budgets.
P&G also said chief operating officer Shailesh Jejurikar will take over as CEO on Thursday, Jan. 1, 2026, replacing Jon Moeller, who will become the company's executive chair.
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