"Inflation was a persistent theme over 2021 for our consumer goods holdings, including Unilever ( NYSE:UL ). Supply chain difficulties as the global economy opens back up has increased input prices – both material and transportation costs – and these businesses have not yet passed on these cost increases, though we know from history that this can take time. In addition to the general inflation theme, Unilever made headlines at the beginning of the new year with rumours that it was considering buying GSK's consumer brand portfolio, followed by a formal offer of GBP 50 billion for the business. After an almost unanimously negative reaction from the market, CEO Alan Jope commented later that 'we do not intend to pursue major acquisitions in the foreseeable future'."