World

Food and household brands warn of more price hikes as Iran war costs bite

LONDON: The world’s top consumer goods and food companies, from Coca-Cola and Procter & Gamble to Nestle and Reckitt, ​have warned of further price hikes next year to cover rising costs even as shoppers remain reluctant to splurge on groceries. Higher energy, raw material and freight costs as a result of the US war on Iran mean that the companies making everything from laundry detergent to soda and snacks face a balancing act to protect profit margins. Even higher prices on everyday items will f