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Americans Tighten Belts As Consumer Prices Rise

May 11, 2021 by Forex Winner Leave a Comment

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.

K: NYSE is up 0.89%; WHR: NYSE is up 0.82%, while PG: NYSE is up 1.83%.

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