Given the challenging environment of high inflation, rising interest rates, a strengthening U.S. dollar, and the economy feared to go into recession, P&G and Estee Lauder’s volume will likely be adversely impacted in the near term. We believe that Estee Lauder stock (NYSE: EL) is a better pick over its industry peer Procter & Gamble stock  (NYSE: PG), given its better prospects. Investors have assigned a higher valuation multiple to EL stock, given its better financial position, as discussed below.