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Inflation continues to rear its ugly head in the U.S. as the supply chain crisis rages on and worker shortages persist.
This combination of factors is putting pressure on companies that are dealing with higher input costs and offering elevated wages to lure employees. In turn, firms say they’re being forced to raise prices on their products in order to remain competitive.
Over the summer, FOX Business provided a round-up of companies raising their prices, including Chipotle, ConAgra, General Mills, and Kimberly Clark.
Here’s another list of big names with price hikes of their own that could hit you in the pocketbook:
INFLATION PRESSURES CAUSE DEL MONTE TO HIKE FRUIT PRICES
Fresh Del Monte Produce Inc. recently announced it will raise prices on bananas, pineapples, and fresh-cut fruit but did not disclose by how much the items will go up.
|FDP||FRESH DEL MONTE||29.05||-0.11||-0.38%|
“Despite our efforts to mitigate these increasing costs within our supply chain, they are simply too great to absorb. The unparalleled costs have been persistent and show no signs of regulating,” said Del Monte CEO Mohammad Abu-Ghazaleh. “After thoughtful consideration, it is necessary to implement inflation-justified price increases in an effort to maintain our continuous supply and service levels.”
IKEA OWNER TO RAISE PRICES AMID SUPPLY CHAIN CHALLENGES, WARNS INCREASES COULD LAST FAR INTO 2022
Inter IKEA Group, the owner of IKEA furniture, said last week that the company would be raising prices that would extend far into next year after taking a beating absorbing increased costs on its end during the 2021 fiscal year.
“As many other retailers, we have challenges with availability and supply, impacted by the global shipping disruptions. We are continuously working to improve the availability of our products,” an IKEA spokesperson told FOX Business in a statement. “We have and we will put a lot of effort to keep our prices as stable as we possibly can – yet it’s hard to predict how the global disturbances might impact in the coming months.”
INFLATION IS ACROSS THE BOARD, PEOPLE NEED TO GET USED TO HIGHER PRICES: KRAFT HEINZ CEO
|KHC||THE KRAFT HEINZ CO.||37.35||+0.15||+0.40%|
In a letter obtained by CNN Business, Kraft Heinz told a regional grocery distributor that starting Jan. 9 the company would be raising prices on hundreds of items – including a 20% increase in 7.25-oz. Kraft Big Bowl Mac & Cheese and a price boost of up to 16% for some varieties of Jell-O products.
The company confirmed to the outlet that it has raised prices on 80% of its products at an average of 5% “to help offset the escalating inflation that the entire industry is facing.”
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|MDLZ||MONDELEZ INTERNATIONAL, INC.||62.24||+0.36||+0.58%|
CNN also reported that Mondelez, the company that makes Oreos and Chips Ahoy cookies, will raise its prices on products in 2022 by 6% to 7%.
According to the report, Mondelez CEO Dirk Van de Put said during the company’s earnings call last week, “We’ve been increasing prices, and we plan to increase prices more than we’ve done…probably for quite a while as a company.”
Proctor & Gamble
PROCTOR & GAMBLE COMBATS INFLATION WITH PRICE HIKES IN MOST CATEGORIES
|PG||PROCTER & GAMBLE CO.||145.39||+0.44||+0.30%|
Cincinnati-based consumer goods giant Proctor & Gamble Co. said last month that it would be implementing price increases within the next 90 days on its grooming, skin care, oral care, and other products.
The firm has already raised prices on its baby, feminine care, and family care products. All told, nine out of 10 of Proctor & Gamble product categories will see price hikes.