Procter & Gamble, the world’s largest consumer goods company, said on Wednesday it was facing “unprecedented” foreign exchange volatility in emerging markets and would have to respond with further price increases.

Clayt Daley, chief financial officer, said “the devaluation across the emerging markets we are witnessing is unprecedented in its depth, breadth and speed,” citing recent steep falls in the value of currencies such as the Russian rouble and the Mexican peso.