If that trip to the grocery store or big box retailer starts feeling even more expensive soon, you aren’t imagining it. Procter & Gamble, manufacturer of cleaning products, household goods, and personal care products, has announced price increases in multiple product categories. How could this economic shift affect your budget?
For starters, effective Feb. 28, the manufacturer will raise prices on its Tide, Gain, Downy and Unstopables line of laundry products, MarketWatch reported. At the company’s fiscal second-quarter earnings call, the company also announced price increases on personal health products, effective this spring. Products that will go up in price include Vicks, Pepto Bismol and Metamucil brand personal health products.
P&G CFO Andrew Schulten emphasized that the price increases are likely not permanent. “As we’ve said before, we believe this is a temporary bottom line rough patch to grow through, not a reason to reduce investment in the business. We’re sticking with the strategy that has been working well before and during the COVID crisis.”
Other P&G product categories that have seen cost increases in the past month include:
- Baby care
- Feminine care
- Adult incontinence
- Family care
- Home care
- Hair care, such as Pantene products
- Oral care, such as Crest toothpaste
- Skin care
P&G is not the only manufacturer raising prices recently — or announcing plans to make further increases. Food manufacturer General Mills noted that supply chain issues are “driving up costs above and beyond inflation,” MarketWatch reported.
General Mills brands include the breakfast cereal Cheerios, Yoplait yogurt, and Blue Buffalo pet food.
While they aren’t necessities, the prices of family favorites manufactured by Mondelez, including Oreo cookies and Sour Patch Kids, are also expected to go up by 7% in 2022, according to CNBC.
DealNews reported multiple product categories set to increase in price in 2022, including home heating costs, which could jump as much as 54% in 2022 compared to last winter based on information from the U.S. Energy Information Administration. Fresh foods — including meat, poultry, fish, and eggs — have risen by 12.8% year-over-year.
If you’re looking to stay within your budget by shopping at discount dollar stores, you’ll notice items that used to cost $1 at Dollar Tree are now $1.25, as well.
More From GOBankingRates