Marmite maker Unilever has announced that further price rises are ahead for consumers as input costs are expected to rise as much as £3 billion in 2022.

Alan Jope, chief executive of Unilever, said that “the biggest challenge” facing the company in 2022 is navigating “unprecedented input cost inflation.” The expected hit to profitability comes despite price rises which made up sales growth of 2.9% in 2021.

In a statement, Unilever ruled out pursuing any more big deals after the firm failed in its bid to buy the consumer health division of GlaxoSmithKline for £50 billion. The company also announced an organisational restructure in January.

The company’s food brands include Ben & Jerry’s, Hellmann’s, Pot Noodle and Magnum.

A spokesperson for Unilever said: “We don’t want to put prices up but we’re seeing the highest inflation we’ve seen in a decade.

“There will be price increases on some products and in some markets, but it will not be uniform across the world.”