Unilever's downbeat on Europe, China sentiment

STORY: Unilever gave a dire assessment of consumer sentiment in Europe and China on Thursday (October 27).

It blamed a range of events like soaring energy prices, inflation and weaker consumer savings.

Shoppers around the world paid 12.5% more for Unilever products in the quarter - a record price hike for the firm.

Though the company did report a better-than-expected rise in third-quarter sales.

In Europe, the company said consumer sentiment was at "an all time low".

China is Unilever's third biggest market .

Sales grew 1% in the country which has doubled down on health crisis lockdowns.

The company's margins have been squeezed since Russia invaded Ukraine, which has pushed up the costs of energy and key ingredients.

That has forced Unilever to lift its prices sharply.

The company makes more than 400 brands ranging from Persil detergent to Ben & Jerry's ice cream.

Unilever still raised its full year sales forecast, though.

It now expects underlying sales growth for the full year to be above 8%.