Company behind Dove, Ben & Jerry's announces price hikes
The surge in prices across the United States is showing no signs of slowing down.
On Friday, the company behind Dove and Ben & Jerry's announced it is hiking prices.
Unilever is raising prices to cope with soaring supply chain costs and inflation expected into next year.
Experts say prices are already up 4.1%.
Procter & Gamble, which makes Pampers diapers, Tide detergent and Gillette razors, says it's also raising prices on certain products to combat higher costs.
People across the country are growing frustrated with spending more than usual.
“It’s probably 20% more than I normally spend on everything,” says Lake Grove resident Jan Brausch.
There are also shortages in items like cars and possibly toys for the holidays.
Economists say companies are combatting higher costs to make their products, as well as a spike in supply chain costs and supply chain backlog.
“More and more companies are going to pass on these higher costs to the consumer because they are incurring a higher cost because of all the issues going on on the supply chain side,” says Dr. Kaushik Sengupta, of Hofstra University. “There ships are not able to unload their containers on the ports, the ports are not able to offload them to the trucks, the truck are not able to get them to the retailers.”
Experts say the shortages and price hikes could continue into well into 2022.