Apparently, it’s not just the banks.
It’s not just the automakers.
Not just the newspapers.
This, from today’s Wall Street Journal:
Shoppers continue to pare back spending even on basic household staples, resulting in lower-than-expected sales for Procter & Gamble Co. and Colgate-Palmolive Co. The consumer-products giants are responding by raising prices to keep profits from plunging.”
Ellen Byron’s article goes on to say that consumers increasingly are buying private-label (store) brands, or cheaper brand names: P&G’s Gain and Luvs are bought instead of its Tide and Pampers, respectively.
But increasing prices as the solution? The Journal continues:
Analysts said higher prices could backfire.”
Analysts, go to the head of the line.