General Mills has informed its retail customers that prices will increase on hundreds of its items in dozens of its brands by mid-January, according to a report.
The CNN Business report said the company had sent a letter to at least one large regional wholesale supplier stating that the company intended to raise prices and that they would “increase by about 20%” on some brands. in mid-January. The letter was shared with CNN Business “on condition of anonymity to protect the company’s relationships with its suppliers.”
A business executive told CNN Business that General Mills would pass the increased costs on to grocery and convenience stores, which would inevitably pass it on to customers.
Some of the company’s price hikes will include brands such as Annie’s, Progresso, Yoplait, Fruit Roll-Ups, Betty Crocker, Pillsbury, Cheerios, Cinnamon Toast Crunch, Lucky Charms, Wheaties, Reese’s Puffs and Trix, according to the report.
The letter from General Mills stated that the rise in the cost of goods was due to the higher cost of materials and labor.
“The current operating environment is as dynamic as the one we have known for at least a decade, resulting in significant inflation in input costs, labor shortages and challenges for the business.” General Mills said.
General Mills in September reportedly said it already expected inflation in its input costs to be between seven and eight percent in fiscal 2022.
General Mills is the latest company to announce that its prices will increase next year, indicating that the problem of rising prices across the country is not going away anytime soon. Procter & Gamble, Tysons and Kraft Heinz have also announced price hikes, which will affect middle-class families. Earlier in November, the Department of Labor released data showing that almost all prices for breakfast items such as whole milk, eggs, bacon, juice and coffee have also risen sharply from l ‘last year.
CNN Business noted that “rising inflation does not affect all buyers equally,” indicating that it affects low-income Americans more because they are “more exposed to products whose prices increase. faster, like gas and rent, and they save less than higher income groups.
“Middle-class families are being watered as inflation triggered by billions in unnecessary spending continues to make life less affordable than ever,” said Calvin Moore, communications director for the Congressional Leadership Fund. “But even if costs get out of hand, Democrats want to pour gasoline on the fires inflation with billions of dollars for their far-left political agenda, whatever the cost to American workers. “
House Democrats recently passed the Infrastructure Bill – which was eventually enacted by President Joe Biden – and passed the $ 1.75 trillion Build Back Better Act, the reconciliation of democrats.
The second infrastructure bill is considered “trademark legislation” for Biden’s legislative agenda and recently revealed that it added $ 750 billion to the US deficit over five years, according to the Congressional Budget Office (CBO) .
Additionally, a recent CBS / YouGov poll showed that a majority (61%) of Americans disapprove of Biden’s handling of the economy and feel the effects of Biden’s struggling economy.
Jacob Bliss is a reporter for Breitbart News. You can follow it on Twitter.