While President Joe Biden may disregard growing inflation and its long-term impact on consumers, more price increases are on the way for Americans as multiple corporations warn of rising expenses and announce efforts to offset them.
Whirlpool is the latest in a long line of firms to warn of price increases and the impact of inflation. Whirlpool, based in Benton Harbor, Michigan, has previously raised prices by up to 12% in an effort to offset increasing expenses, said Thursday that cost inflation might result in $1 billion in additional raw material expenditures, particularly as raw material prices, such as resins and steel, have risen.
According to the Wall Street Journal, Chief Financial Officer Jim Peters stated on Wednesday that pricing is “one of the instruments we haven’t hesitated to use in the past” and cautioned that more price hikes may apply to some categories.
According to The Guardian, Unilever, one of the world’s largest producers of food, drink, beauty products, and consumer goods, warned on Thursday that it will raise costs for salad dressings, cleaning products, and toiletries. Commodity price hikes have begun to harm Unilever’s profitability, according to CEO Alan Jope, who stated that the business is “seeing really considerable cost increases.”
According to Jope, average pricing climbed by 2% in June. SkyNews reported that the company made eight separate references to inflation in its half-year results statement, adding that consumers should “prepare themselves for price increases from a company whose brands range from Ben & Jerry’s, Wall’s, and Magnum ice cream to Colman’s mustard, PG Tips tea, Marmite spread, Dove soap, Lynx deodorant, and Comfort fabric conditioner.”
Harley-Davidson, America’s most iconic motorcycle company, said earlier this month that it will introduce a 2% pricing premium on a number of bikes sold in the United States. The company, too, has been impacted by rising raw material costs and delayed shipment expenses.
General Mills announced on July 1 that it expects inflation to be 7% this year and highlighted steps to mitigate the impact, including price increases and putting less substance into packages, according to CNBC. As part of its strategic cost-cutting initiative, the corporation has since boosted food service industry pricing.
According to Labor Department data, consumer prices in the United States jumped 5.4 percent from a year ago in June, the largest increase in 13 years. Prices rarely, if ever, fall after they have risen.