Unilever’s chief executive warned of a protracted recovery and price deflation as the maker of Lipton tea and Sunsilk shampoo reported strong third-quarter results.

Paul Polman has won the confidence of investors and analysts this year by delivering steady sales and volume growth, leading to a 36 per cent rise in Unilever’s share price over the past six months – more than double the rise in the FTSE 100 index.