Adding to the pain the price of gasoline is giving your pocketbook, inflation has prompted one major corporation with a massive array of food brands to hike its prices by a whopping 20 percent beginning next year.
General Mills will raise prices on 100s of popular food items by 20%
Chances are, you enjoy food from these recognizable brand names and dozens more owned by General Mills: Pillsbury, Betty Crocker, Häagen-Dazs, Progresso, Nature Valley, Cascadian Farm, Green Giant, Yoplait, Old El Paso, Chex, Fiber One, and more.
General Mills is also a major manufacturer of breakfast cereals including Cheerios, Wheaties, Total, Lucky Charms, Trix, Count Chocula, Cinnamon Toast Crunch, and several more.
Cost increases being passed on to shoppers
One of the leaders of the wholesale supplier, spoke on the condition of anonymity to CNN, saying that price increases on the manufacturing side will be passed down to grocery and convenience stores, who he expects, in turn, will raise prices for shoppers.
Other brands have already announced price hikes beginning next year including Craft Foods, Tyson, Procter & Gamble, Kimberly-Clark, and others.
A recent announcement of a price spike at Dollar Tree may be a sign that big-box stores, drug stores, and other chains in the United States may do the same.
Inflation is up 6.2% but companies spiking prices by 20% or more
Grocery prices were 5.4% higher year-over-year in September, and climbed again 1% in October, according to the latest data from the Bureau of Labor Statistics.
On Tuesday, Dollar Tree announced it will be hiking prices 25% on the majority of its products in the first quarter of 2022, CNN reported.
However, these double-digit increases are significantly higher than the rising inflation reflected by both the consumer price index and the producer price index.
In the second week of November, the Bureau of Labor Statistics published the Consumer Price Index (CPI) showing prices for consumers increased 6.2 percent in October over the prior year. The climb represented the fastest annual pace since 1990 – a steep climb from 5.4 percent in September, Financial Times reported.
The Labor Department also released its most recent Producer Price Index Report, which measures wholesale prices, showing an increase of 8.6 percent year over year, the highest annual rise in nearly 11 years and tied for the highest increase ever, CNBC reported.
Inflation reached a 13-year high in early July at 5.4%, with gasoline prices increasing 40% since the start of the year at that same time, NBC reported.
In September, rent increased 10.2 percent annually, CNBC reported.