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FMCG major Unilever on Thursday said food inflation has impacted the consumption in the rural market.
“Market growth in India remains stronger in urban areas than in rural, which reflect the high impact of food inflation on low-income consumers,” said Alan Jope, CEO.
“We are seeing rural markets grow flat in value terms with lower volumes, but we remain confident that we can continue to grow ahead of the market in India,” he added.
Unilever’s India business, Hindustan Unilever Limited (HUL), had posted a 7.86 per cent increase in consolidated net profit at ₹2,481 crore for Q3 FY23. “The rural market has improved from what it was in the earlier quarter. Inflation has been a big contributor but the worst of inflation is behind us. There still is a long way to go. Low unit price packs and layer price packs have been preferred by consumers,” Sanjiv Mehta, MD & CEO, HUL, had said.
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