Now is the time to stock up on your favorite non-perishables—before prices rise even more. What’s happening? Consumer product companies are pointing to higher costs for things like packaging, ingredients, transport, and labor, and they say they must offset these costs by jacking consumer prices. Here’s a rundown of the eyebrow-raising price tags you can expect to see this August:
- Packaged food. General Mills (Cheerios, Betty Crocker, Häagen-Dazs, Yoplait, Pillsbury), Campbell Soup (Goldfish, Prego, Snyder’s), J.M. Smucker (Jif, Folgers, Meow Mix), Kellogg (Frosted Flakes, Cheez-Its, Pringles), and Unilever (Hellmann’s, Breyers, Klondike) are just some of the food manufacturers that recently announced price hikes. General Mills says that its costs are going up 7%, and that while the company will compensate for half of that with internal cuts, its prices will also go up.
- Used and Rental cars. A computer-chip shortage has limited the production of new cars, which has partially fueled a price leap in used cars. Rental cars are also expensive these days, because during the pandemic, rental companies sold their fleets to survive.
- Makeup and Toiletries. Unilever (Dove, Axe), Kimberly-Clark (Huggies, Scott, Depend), and Procter & Gamble (Tide, Gillette, Olay) are all boosting prices. Unilever already raised prices 1.6% in the second quarter. It had planned a slow, gentle rise in prices, but has since changed its tune, citing swiftly rising costs for pretty much everything (ingredients, packaging, and transport). This week the company said higher prices are coming your way imminently. P&G said back in April that it will do the same this September. Kimberly-Clark is already increasing prices by 4-9%.
The take home: There has never been a better moment to buy six boxes of cereal and a three-pack of lotion on sale. If you know you’ll use it, grab it now.
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