Listen Now: Cereal, Soap, and More: Expect Price Hikes on These Common Items
The economy is improving and companies are celebrating by charging you more.
After years of haggling with big name retailers companies are now demanding more money for everyday items, and those same companies are agreeing to the price hike. Proctor & Gamble, Kellogg and Hershey have told grocery stores that they need to raise prices because prices on their end are going up and it costs more for them to move food.
But now retailers are more open to the increase because they think consumers are as well. With job growth up and minimum wage on the rise people are open to paying more for snacks, candy, diapers and toothpaste.
Already Hershey is charging more for candy bars and gum. P&G plans to raise prices on Dawn dish soap, Crest toothpaste and Old Spice deodorant next year by around five to ten percent.
And Kellogg says items such as Eggo waffles in the U.S. and cereal in Asia and Latin America will soon have a higher price tag. Experts say raising prices can be risky but so far people are still buying, we’ll see if it holds.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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