Kimberly-Clark ( KMB ) released its Q2 earnings earlier this week and confirmed some concerns of ours. Inflation could cool-off towards the end of the year Although oil prices have somewhat moderated over the last three months, the costs have continued to rise for some of the critical inputs such as polymer resin, superabsorbent, adhesives and packaging material. Given the Q2 results and the sheer magnitude of cost-inflation, we do not rule out Kimberly-Clark impacting price hikes outside North America as well.