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Cost of living crisis? Consumers keep spending for now

Consumer-focused firms are seeing no shortage of demand despite the soaring cost-of-living, prompting several to upgrade sales forecasts for the current year, though questions remain about how long that will last.

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Reckitt, maker of Dettol and Lysol cleaning products, on Wednesday raised its full-year revenue forecast after steep price hikes helped it beat second-quarter sales expectations. Danone lifted its annual revenue growth forecast after second-quarter like-for-like sales beat analysts' estimates on strong demand for baby food and bottled water.