Some prominent household items are going to cost consumers more as companies prepare for potential strains on supplies due to a potential second COVID-19 wave.
Proctor & Gamble became the latest company to announce that it plans to hike prices between 4 percent and 9 percent on items that include baby products, adult diapers, and feminine care brands beginning in September.
Other items, such as Tide laundry detergent and Charmin toilet paper, may also become more expensive, depending on how the country rebounds from the latest surge of the virus.
According to Proctor & Gamble CEO Jon Moeller, price increases will vary by brand but will be in the range of mid-to-high single digits.
“This is one of the bigger increases in commodity costs that we’ve seen over the period of time that I’ve been involved with this, which is a fairly long period of time,” he said to analysts.
The news from Proctor & Proctor comes after similar announcements from Kimberly-Clark and Coca-Cola, which also plans to increase prices this fall. Gas prices also continue to climb, with more inflation possibly coming that could impact consumers.
“Some of the reported price increases are quite large, which has fueled concern about a sharp rise in inflation," analysts from Goldman Sachs stated.
"Other companies have announced that they plan to increase consumer prices, often to offset higher commodity, shipping, or labor costs or to make up for regular price increases that they forwent during the pandemic."
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