In the US, inflation remains ugly as the supply chain crisis lingers and labor shortages persist.
This combination of factors puts pressure on companies struggling with higher input costs and offering higher wages to attract employees. In return, companies say they are being forced to raise the prices of their products in order to stay competitive.
Over the summer, FOX Business provided a roundup of companies that have raised 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 your wallet:
INFLATION PRESSURE CAUSES DEL MONTE TO HIGH FRUIT PRICES
Fresh Del Monte Produce Inc. recently announced it would increase the prices of bananas, pineapples, and freshly cut fruit, but did not reveal how much the items would go up.
|FDP||FRESH DEL MONTE||29.27||-0.05||-0.17%|
“Despite our efforts to reduce these rising costs in our supply chain, they are simply too high to be absorbed. The unprecedented cost is persistent and shows no sign of regulation, ”said Mohammad Abu-Ghazaleh, CEO of Del Monte. “After careful consideration, it is necessary to carry out inflation-adjusted price increases in order to maintain our continuous delivery and service level.”
IKEA OWNER COLLECTS PRICES IN THE FRAMEWORK OF THE SUPPLY CHAIN
Inter IKEA Group, the owner of IKEA furniture, said last week the company would hike prices well into next year after absorbing increased costs at the end of fiscal 2021.
“Like many other retailers, we have problems with availability and delivery, which are affected by the worldwide supply disruptions. We are continuously working to improve the availability of our products, ”an IKEA spokesman said in a statement to FOX Business. “We have and will work hard to keep our prices as stable as possible – but it is difficult to predict how the global disruptions could affect the coming months.”
INFLATION IS VERY BIG, PEOPLE HAVE TO ADD TO HIGHER PRICES: KRAFT HEINZ CEO
|DIFFERENT||THE KRAFT HEINZ CO.||37.28||-0.21||-0.56%|
In a letter received from CNN Business, Kraft Heinz told a local grocer that the company would increase prices on hundreds of items starting Jan. 9 – including a 20 percent increase of 7.25-oz. Kraft Big Bowl Mac & Cheese and a price increase of up to 16% on some varieties of Jell-O products.
The company confirmed to the point of sale that it had raised prices for 80% of its products by an average of 5% “to offset the escalating inflation that the entire industry is facing”.
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|MDLZ||MONDELEZ INTERNATIONAL, INC.||62.47||-0.26||-0.41%|
CNN also reported that Mondelez, the company that makes oreos and chips ahoy biscuits, will increase its product prices by 6% to 7% in 2022.
According to the report, Mondelez CEO Dirk Van de Put said during the company’s conference call last week, “We have raised prices and plan to raise prices more than we have before … society.”
Proctor & Gamble
PROCTOR & GAMBLE FIGHT INFLATION WITH PREISHIKES IN MOST CATEGORIES
|PG||PROCTER & GAMBLE CO.||146.40||-0.42||-0.29%|
Cincinnati-based consumer goods giant Proctor & Gamble Co. said last month that it would implement price increases on its personal care, skin care, oral care and other products within the next 90 days.
The company has already raised prices on its baby, women’s and family care products. A total of nine out of ten Proctor & Gamble product categories will experience price increases.