Unilever, the corporate overlord of Marmite, Dove, and Hellmann's, has announced it will be pushing through yet more price hikes in the coming months. The company is trying to recoup its own growing costs, because apparently global supply chains are a thing that exists.

While the pace of price rises slowed in the second quarter - thanks in part to World Cup-related discounts and competitive pricing in Brazil - Unilever says these were merely "temporary factors" and consumers should not get too comfortable. The company told shareholders on Tuesday that it expects "underlying price growth to accelerate in the second half as commodity-driven pricing continues to land in market."

This could translate into higher profits for Unilever, assuming customers don't revolt and start slathering their toast with generic yeast extract instead. Unilever reported underlying sales up 5.8% in Q2, pushing turnover up 3.8% to €13 billion (£11.1 billion). Victoria Scholar of Interactive Investor noted that "consumers continued to demand Unilever's branded products...despite cost-of-living pressures," proving that brand loyalty is a powerful thing - or that people really, really hate store-brand mayonnaise.

Unilever has been grappling with rising ingredient and service costs, driven by higher oil prices since March, when the US-Israeli war on Iran effectively stopped tanker traffic through the Strait of Hormuz. Oil prices have been oscillating amid temporary ceasefires, but that hasn't led to a sustained drop in prices for manufacturers, who are hoping to pass the pain along to customers.

UK inflation dropped more than expected to 2.6% in June, but City economists warn the Bank of England could be forced to raise interest rates if oil prices return above $100 a barrel. Mohamed El-Erian, a professor and former IMF chief economist, suggested that sustained oil prices above $90 a barrel could rewrite UK policymakers' forecasts, pushing up headline inflation and driving food prices higher thanks to diesel transportation costs. That would put further pressure on Unilever's customers, including those who enjoy Pot Noodles made in Crumlin, Wales, and Hellmann's, Marmite, and Colman's from Burton-on-Trent.