Americans Tighten Belts As Consumer Prices Rise

The American public is now weighing which products to purchase as prices have continued to increase as the economy recovers from the COVID-19 pandemic, the WSJ reported.

• Consumer prices grew 2.6% year-to-date in March to mark the biggest yearly increase since August 2018, according to the Labor Department.
• With the increase in the prices of goods, consumers are now looking at cheaper alternatives.
• Manufacturers have started to raise prices given the steady uptrend in costs of goods such as oil, crops, and other commodities.
• Prices of consumer goods have surged by double digits, leaving some consumers feeling stretched.
• Kellogg Co. Chief Executive Officer Steve Cahillane said the market had not seen the current inflation in “many, many years” as labor and shipping costs are pushing prices higher.
• Whirlpool Chief Executive Officer Marc Blitzer expects the public to accept higher prices moving forward, as the inflation trend is not surprising.
• Billionaire investor Warren Buffet said the public is accepting the uptrend of prices, as the economy is “red hot.”
• Procter & Gamble Co. Operating Chief Jon Moeller said the overall goal is to cover increases in costs, with an increase in several products already set.

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