(WHTM) — Get ready for more sticker shock at your supermarket and pharmacy. Even though many companies are reporting healthy profits, they’re about to raise prices again because it seems most Americans are willing to spend more the get the products they want.
A new sign that prices for many everyday household items are set to rise even higher to account for record-high demand, labor shortages and supply-chain issues.
Procter and Gamble announced it will raise prices by an average of 8% on its Tide and Gain laundry detergents, Downy fabric softener and Bounce dryer sheets.
The company is also planning to hike prices on some personal healthcare products. The CEO saying Americans so far don’t seem to mind.
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“Demand is strong. We have nine out of 10 categories that have grown in market share over the last three, six, and 12 months,” P&G CEO Jon Moeller said.
Also on the rise — gas prices.
With the cost of oil hitting a seven-year high last week, experts say supply is still catching up to pre-pandemic levels.
One tracking sit now predicts prices at the pump will average $4 a gallon by spring.
“Bottom line, if price increases are what you’re worried about, the best answer is my Build Back Better Plan,” President Biden reiterated.
President Biden claims the solution to inflation is his nearly $2 trillion spending package that’s run into a roadblock on Capitol Hill. Now he says, he’s willing to break it up into separate plans.
“Yes. I’m confident we can get pieces — big chunks of the Build Back Better law signed into law,” President Biden said.
Could include separate plans to address prescription drug prices, childcare costs and climate change.
Meanwhile, to address inflation, the Federal Reserve is expected to begin raising interest rates by spring.