“We now expect FX to be a $300 million after-tax headwind to earnings for the fiscal year.”

In context

“our operations and those of our suppliers. These costs and operational challenges are not unique to P&G, and we won't be immune to their impact. However, we think the strategies we've chosen, the investments we've made and the focus on execution excellence have positioned us well to manage through these challenges over time. Based on the current spot prices, we now estimate a $2.5 million after-tax commodity cost headwind in fiscal '22. Since our last update, we've seen continued cost increases in nearly every type of material we use and in diesel and in natural gas. Freight costs have continued to increase. We now expect freight and transportation costs to be a $400 million after-tax headwind in fiscal '22. Foreign exchange rate has also moved further against us, since our last guidance. We now expect FX to be a $300 million after-tax headwind to earnings for the fiscal year. We are offsetting a portion of these cost pressures with price increases and with productivity savings. In the start of the fiscal year, we've taken price increases in each of our 10 product categories in the US. You may recall, it was one year ago, when we announced price increases in the Feminine Care and Baby Care categories. Over the last year, input costs have continued to increase substantially. And as a result, the Feminine Care business has announced an additional price increase in the US, which will be effective in mid-July. Also, as a result of these increased cost headwinds, we recently announced price increases on certain items in the US Home Care category that will be effective at the end of June and in the US Oral Care business that will be effective mid-July. As always, eac”