Post-Brexit: Dispute Resolved After Corporate Giant Raises Commodity Prices To Compensate For Falling Pound
Food and consumer products giant Unilever is responding to the falling value of the pound in a simple way—it’s raising prices.
The company is increasing prices across the UK to combat the Brexit-induced currency rout, and while the firm hasn’t officially detailed by how much, people familiar with the move peg it at a 10% increase, the Wall Street Journal reports. The increase was deemed problematic for some—earlier this week Britain’s largest grocer, Tesco, pulled Unilever brands from its website after refusing to jack up prices.
The feud was short-lived, and on Thursday both Tesco and Unilever issued statements saying the dispute had been resolved. While the two corporate giants got what they wanted, it looks like the British people are stuck paying about 10% more for everything from mayonnaise to shampoo. [WSJ]