Inflation is soaring to levels not seen in 40 years. Anyone who regularly shops at the grocery or local mall has seen the relentless march of prices in recent months.
Although experts keep predicting that costs eventually will flatten, there appears to be no end in sight for now. In fact, several brand manufacturers say they plan to hike prices on their products soon, or just did so.
Following are major manufacturers whose brands are becoming more expensive.
Procter & Gamble
Consumer goods corporation Procter & Gamble owns dozens of major brands. Earlier this year, it said that on Feb. 28, prices would rise for Tide, Gain, Tide, Downy, Bounce and Unstopables, as we detailed in “These Household Brands Are About to Get More Expensive.”
The company also said prices on some personal health care products would increase in mid-April, although it did not specify which brands were slated to get more costly.
Hershey — one of America’s most beloved and iconic brands — plans to raise prices sometime this year.
The company is forecasting sales growth this year “driven primarily by list price increases across all segments.”
Hershey anticipates these hikes will partially offset labor costs as well as higher logistics costs and raw material inflation.
Cleaning-products manufacturer Clorox Co. intends to raise prices on 85% of its products by the end of June, according to Reuters.
The news wasn’t completely unexpected, as Clorox Co. — which also owns brands such as Kingsford charcoal and Brita water filters — had earlier said it planned to hike prices. But at that time, it was planning to limit the increases to 70% of its products.
Some brands are likely to see multiple rounds of price increases in 2022, Reuters reports.
After several rounds of price hikes last year, Kimberly-Clark — maker of numerous paper-based products — plans more price increases in an attempt to offset rising costs related to pulp, labor and transportation.
Price increases over the course of 2022 are expected to be in the mid-to-high single digits, according to Bloomberg.
Expect higher prices from Colgate-Palmolive, the manufacturer of everything from Tom’s of Maine toothpaste to Softsoap and Speed Stick deodorant.
Reuters reports that the company is fast-tracking a round of price increases to the first half of 2022. Previously, the round was planned for the second half of the year.