Procter & Gamble is cutting prices, introducing new products and investing more ad dollars to woo back customers who switched to private label brands to save money during the depths of the recession. The company has lowered prices in nearly every category, including batteries, liquid laundry detergent, diapers and shampoo -- moves that have apparently paid off with a 7% year-over-year increase in sales. "We're doing what we have to do price-wise to stay price competitive," P&G chief executive Robert McDonald said on a call with investors.

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