Household goods giant Reckitt Benckiser has said it is increasing prices in the UK and worldwide in the face of rising costs amid the Iran war.

Chief executive Kris Licht told the Press Association the group was pushing through “moderate” price increases in most of its markets, including the UK, to offset cost pressures, such as volatile oil prices caused by the Middle East conflict.

But the group said it now sees a reduced impact as oil prices have eased in recent months, having warned in April over a possible hit of up to £150 million if oil stayed at 110 dollars a barrel for the rest of 2026.

In half-year results, it said: “While still volatile, oil prices have moderated since then and we currently expect a reduced input cost impact in 2026.

“We continue to view this as a manageable headwind and are taking actions to mitigate the impact.”

These actions include price rises, but Mr Licht said they were being done on a “brand by brand and product by product basis”.

He told PA these price rises would “impact most markets, but each of these markets differently”, with hikes already having been made across emerging markets and some being rolled out across the US and Europe.

The Dettol-to-Durex firm reported a 4.2% rise in like-for-like sales of its core brands in the second quarter, which is better than forecast, while the group also kept its full-year guidance for 4% to 5% revenue growth, helping shares jump more than 5% in Wednesday morning trading.

This was helped by “innovation” within its so-called power brands, in particular for the Dettol range which is driving demand in China, according to Mr Licht.

But Reckitt reported total group underlying operating profits down 14.3% at £1.47 billion in the six months to June 30, though Mr Licht said the decline was due to its move last year to sell off a 70% stake in its Cillit Bang and Calgon essential home cleaning products business for up to 4.8 billion dollars (£3.6 billion).

He said with this impact stripped out, first half earnings were broadly flat and better than expected.

Reckitt also announced a new share buyback worth up to £500 million, having completed a £1 billion programme in the first half of the year.