If unwelcome fears of inflation suddenly are haunting you, join the club.
Rising prices tend to scare the heebie-jeebies out of most of us, especially those on fixed incomes. Everyone from investors to retirees appears to be spooked by recent jumps in the price of goods and services.
Recently, Treasury Secretary Janet Yellen acknowledged that price increases are likely to continue for the next several months. But perhaps more alarmingly, corporate CEOs themselves — the leaders of the companies that raise prices — are warning customers that shopping is about to become more expensive.
Following is a list of companies whose CEOs are warning us to prepare to dig more deeply into our wallets.
Prices are on the rise for products made by Conagra Brands, a consumer packaged goods holding company that makes and sells various brand-name products for supermarkets and restaurants.
During this month’s earnings call, president and CEO Sean Connolly asked — and answered — a question: Will Conagra raise prices?:
“And the short answer is yes. In fact, we began implementing pricing actions on some of our products in the fourth quarter [which ended May 30] related to the initial inflation we experienced.”
The day after Connolly uttered those words, The Wall Street Journal reported that the company had hiked prices on Hunt’s canned tomatoes and Chef Boyardee products.
A sampling of additional Conagra Brands brands includes:
- Slim Jim
- Duncan Hines
- Healthy Choice
- Birds Eye
If you love soda, this news is sure to send your day from fizzy to flat: PepsiCo’s prices are on the way up.
In this month’s earnings call, Ramon L. Laguarta, CEO and chairman, and Hugh F. Johnston, chief financial officer and vice chairman, both spoke of pricing changes. Johnston suggested prices of PepsiCo products will rise after Labor Day:
“So, is there somewhat more inflation out there? There is. Are we going to be pricing to deal with it? We certainly are.”
Besides Pepsi, some PepsiCo brands include:
- Mountain Dew
- Quaker Oats
Helen of Troy
“Regarding the price increases, so far so good is my response. Our customers realize that we’re in an inflationary environment.”
Helen of Troy brands include:
- Hydro Flask
McCormick & Co.
In this month’s earnings call, Lawrence Kurzius — McCormick & Co. chairman, president and CEO — said product prices are headed north. However, you may have a little time to stock up on McCormick & Co. products and get ahead of the curve:
“To offset rising costs, we are raising prices where appropriate, but usually there are the lag times associated with pricing, particularly with how quickly costs are escalating. Therefore, most of our actions won’t go into effect until late 2021.”
Besides namesake spice and sauce brand McCormick, McCormick & Co. brands include:
- Billy Bee
- El Guapo
Simply Good Foods
In this month’s earnings call, Joseph E. Scalzo, Simply Good Foods CEO and president, reiterated that price increases announced in June will go into effect in September.
Simply Good Foods is behind the Atkins and Quest brands.
Tractor Supply Co.
During an interview at the National Retail Federation’s online conference in late June, Tractor Supply Co. CEO Hal Lawton said inflation is impacting the price of his company’s products:
“We have had some moderate price increases across our business. To date our customers have not demonstrated any elasticity or concerns there.”
Lawton added that unlike some experts — who view price increases as temporary — he believes inflation is here to stay.
Tractor Supply is a chain of stores that sell products for home improvement, agriculture, lawn and garden maintenance, livestock and more.