Household items about to get more expensive

  • Several companies, including Procter & Gamble and General Mills, have announced price increases.
  • Clorox and Coca-Cola are also planning to raise prices to offset shipping costs.
  • Goods affected include paper products, kitchen appliances and childcare articles.
  • See more stories on the Insider business page.

Many household items are getting more expensive as companies like Clorox and Whirlpool plan to raise prices to combat shortages and rising shipping costs.

Clorox, the brand known for its antiseptic wipes and main household products, said during its call for quarterly results he plans to increase the prices of some of his Glad brand products. The price increases would impact the company’s garbage bags and food packaging.

Clorox CFO Kevin Jacobsen mentionned the company’s efforts to increase production to meet the growing needs for its products at the onset of the pandemic forced Clorox to incur additional expenses and the company is also working against higher material and shipping costs.

Whirlpool, the maker of KitchenAid and several other home appliances, increased its prices between 5% and 12% in April.

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Company CEO Mark Bitzer told CNBC the rise in prices can be attributed to rising material costs caused by the Texas freeze, as well as delays in ports and the global shortage of chips.

Procter & Gamble and General Mills also announced price increases.

During his call for third quarter results last month, P&G reported having started to raise prices of some of its products, including baby and feminine care products and adult diapers from its brands such as Pampers, Tampax and Always.

“The exact amount of the price increase will vary by brand and sub-brand within a medium to high single-digit percentage range and will take effect in mid-September,” P&G said in a statement. .


Associated press

Some of P&G’s main competitors, including Kimberly-Clark, have announced similar price increases. In March, Kimberly-Clark said he would raise prices for better products like Scott

toilet paper
and Huggies diapers.

General Mills CFO Kofi Bruce said during the March results call that it planned to increase its prices to offset rising commodity prices as its margins continued to decline. Although the company has not specified which products would be affected, General Mills’ brand line includes Cheerios, Chex, Betty Crocker and Pillsbury products.

In April, James Quincey, CEO of Coca-Cola told CNBC that the company planned to raise prices for the first time in more than three years. Quincey did not specify which products would be affected.

Quincey said Coca-Cola plans to implement the price increases “smartly, thinking about how we use package sizes and actually optimizing prices for consumers.”

Coffee prices are also expected to skyrocket. Peet’s and JM Smucker, the brand behind Folgers and Dunkin ‘coffee, said they face increasing costs. Reuters reported that in February, delays at ports pushed coffee prices to their highest level in more than a year.


Associated press

JM Smucker too increases the price of its Jif peanut butter products in August.

Many of these companies said sales continued to increase in the last quarter, even compared to the previous year, when some people were stocking products at the start of the pandemic. While an increase in demand can only be positive for businesses, demand exceeds supply and pushes up the price of certain goods.

Consumer interest is increasing as products are increasingly difficult to obtain due to a shortage of shipping containers and port congestion.

March data from United States Bureau of Labor Statistics Consumer Price Index indicated that as vaccination rates increase, prices increase. Consumer prices rose in 2021 compared to last year at their highest rate in three years.

While there has been a sharp increase in the price of gasoline, the cost of food, rental cars, and hotels has also increased.

For products from big-company brands like P&G, people are likely to see inflated prices at the grocery store as demand increases vaccine optimism and port congestion shows no signs of offsetting.

About Glenda Wait

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