When inflation and rising rates sack most companies, the essential goods and services sold by consumer product groups can be sources of outperformance — and preserve portfolio value. The ability to pass on higher costs to shoppers and an emerging private label business drove better-than-expected profits last year, giving management the confidence to boost its quarterly cash payout. And although this was predominantly due to price hikes, an encouraging development was that the Personal Care business led growth for the first time since the early months of the pandemic.