Expenses for ingredients surge

From Times Wire Reports

Procter & Gamble Co. was among the businesses that responded to the surge in oil earlier this year. The world’s largest consumer-products company charged more for Cascade dishwashing detergent, Iams pet food and Gillette razors to offset some of the jump in packaging costs.

McDonald’s Corp., the world’s largest restaurant company, also has raised prices as ingredient expenses surged.

Inflation is running at its highest rate since 1991, having risen 5.6% over the last 12 months.