Why P&G's 4% Revenue Growth Leads Us to Look at Volume Before Price

It is difficult to explain P&G's 4% revenue growth solely as a result of price increases. According to data for the first quarter of fiscal 2027 released on October 22, 2026, the volume effect was 2.4%, the price effect was 0.4%, and the mix effect from products and regions was 1.1%. Even within the same revenue growth, market response can only be understood by breaking down whether customers purchased more, chose more expensive product mixes, or faced different pricing for the same products. A Single Revenue Figure Contains Different Choices The target period for this announcement is July–September 2026 on a calendar basis. P&G's net sales were approximately $23.3 billion, a 4% increase from the same period last year, and organic sales—excluding the impacts of foreign exchange and mergers and acquisitions—also grew by 4%. The detailed growth drivers presented by the company are…