(Crankers) General Mills prepares to jack up prices “on hundreds of items across dozens of brands,” as inflation continues to skyrocket, American shoppers can expect to face even higher prices at grocery stores next year. As new price points for some of the products will be a whopping 20% higher.
The network reportedly received several letters the company sent to at least one major regional wholesale supplier last week outlining plans to raise the prices of a wide range of products in a relatively short period of time, which includes Cheerios, Nature Valley, Pillsbury, Betty Crocker, Green Giant, Yoplait, and dozens of other recognizable names.
A leader of the wholesale supplier added that he expects a similar trickle-down process to occur among other General Mills customers, a list that includes “leading big box stores, supermarkets, drug stores, and other chains in the United States.”
McDonald’s also announced in October that it would raise its menu prices, and well-known companies such as Coca-Cola, Kraft-Heinz, Tyson, Unilever, Proctor and Gamble, and many more also responded similarly to the volatile economic situation.
Dollar Tree, America’s long-standing one-dollar discount chain, made history this week by announcing plans to raise the price on most of its products from $1.00 to $1.25.
The Bureau of Labor Statistics reported earlier this month that the Consumer Price Index for October had risen 6.2% over the last year. It was the largest yearly increase in the price of consumer goods in more than three decades, and unfortunately, there are no signs that these increases will slow down any time soon.