Can't Say I Blame Em
And I promise you P&G won't be the last.
This country has been living beyond it's means for years now, the recent financial melt down and the subsequent printing of money by the Federal Reserve added petrol to the fire.
What is happening all over the world, and indeed may have helped fuel some of the things going on in the Middle East, is that commodity prices are rising, and rising fast.
Oil, cotton, grains, foods, etc.. they are all going up. In some countries where eating meat is a luxury and grains/breads a staple, just a "small" percentage increase can and often does mean doing without.
Far as P&G along with other producers of goods go, they have been trying everything *not* to raise prices. From down-sizing, closing plants/laying off workers, you name it, all in order to keep profits up whilst not increasing prices. Apparently this isn't working anymore.