THE WHAT? Procter & Gamble has reported freight and commodity costs of US$600 million after tax for the current financial year to date, according to a report published by Reuters quoting the US FMCG giant’s CFO.

THE DETAILS The company forecast freight costs of more than US$200 million after tax in the fiscal year ended May 2021, and US$125 million in commodity costs in the same period.

THE WHY? The Cincinnati-based manufacturer of Olay has already warned of price rises due to increased raw material costs as the pandemic hits supply chains, and a shortage of drivers and rigs, which has impacted shipping prices.