General Mills informed its retail customers that prices would rise on hundreds of its items throughout dozens of its brands in mid-January, according to a report.
The report from CNN Business indicated that the company sent a letter to at least one major regional wholesale supplier indicating that the company intends on raising its prices and that they “will go up by around 20%” on some brands in mid-January. The letter was shared with CNN Business “on the condition of anonymity to protect the company’s relationship with its suppliers.”
A company leader told CNN Business that General Mills will pass along the increase of costs to the grocery and convenience stores, which will inevitably pass it on to customers.
Some of the company’s rising prices 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 indicated that the rising cost of goods was in response to the higher cost of materials and labor.
“The current operating environment is as dynamic as we’ve experienced in at least a decade, resulting in significant input cost inflation, labor shortages, and challenges servicing the business,” General Mills said.
General Mills, in September, reportedly said that it already expected its input cost inflation to be between seven and eight percent during the 2022 fiscal year.
General Mills is the latest company to announce its prices will rise next year, indicating that the issue of rising prices across the country is not going away 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 that showed nearly every price for breakfast items such as whole milk, eggs, bacon, juice, and coffee also rose sharply compared to last year.
CNN Business noted that “rising inflation does not impact all shoppers equally,” indicating that it affects low-income Americans more, since they are “more exposed to the goods that are seeing prices rise the fastest, such as gas and rent, and they save less than higher-income groups.”
“Middle-class families are getting hosed as inflation set off by trillions in wasteful spending continues o make life less affordable than ever,” said Congressional Leadership Fund Communications Director Calvin Moore. “But even as costs rise out of control, Democrats want to pour gasoline on the fires of inflation with trillions for their far-left political agenda, no matter the cost to working Americans.”
The House Democrats recently passed the infrastructure bill — which was ultimately signed into law by President Joe Biden — and passed the $1.75 trillion Build Back Better Act, the Democrats’ reconciliation infrastructure bill.
The second infrastructure bill is considered to be the “marquee legislation” for Biden’s legislative agenda and was recently revealed to be adding $750 billion to the American deficit over five years, according to the Congressional Budget Office (CBO).
Additionally, a recent CBS/YouGov poll showed that a majority (61 percent) of Americans disapprove of Biden’s handling of the economy and are feeling the effects of Biden’s struggling economy.
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