Unilever Profit Drops As Sales Flatten After Price Hikes

Unilever, whose brands include Magnum ice cream, Cif surface cleaner and Dove soap, hiked prices of all its goods last year by an average of 6.8 percent (Credit: AFP)

British consumer goods giant Unilever on Thursday said its net profit dropped 15 percent last year to 6.5 billion euros ($7 billion) as sales flattened as the group hiked prices.

Businesses and consumers worldwide continue to battle higher costs as inflation remains stubbornly high, especially in the UK.