Soap, ice cream prices to jump as supply chain issues bite
NEW YORK - You could be seeing prices go up again next year for items you buy in the drugstore and supermarket.
Unilever, the maker of everything from Dove Soap to Breyers Ice Cream, is warning inflation is likely to pick up in the coming months, peaking in the first half of 2022 and as a result, the company says it's raising prices by over 4% in some areas.
The new costs are Unilever's sharpest price increases in almost a decade, as the company pushes the costs of almost $25B worth of annual raw materials and packing along with $4B of annual logistics onto consumers to compensate for a decline in shipments.
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Other companies are also raising their prices, as Nestle said it had increased prices 1.6% and Procter & Gamble, which makes Pampers diapers, Gillette razors and other beauty and oral care products said it was raising prices as well.
The price jump is being driven by higher prices for commodities like palm oil, soybean oil, crude oil as well as shipping costs.
According to CNN, Moody's Analytics has warned that stress in US supply chains is continuing to intensify and could slow the U.S. economy in the coming months.
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