This browser does not support the Video element.
Local small businesses struggling with supply chain challenges
Issues with the nation's supply chain are causing shortages nationwide, and small businesses are no exception.
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.
Sign up for FOX 5 email newsletters
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.
Get breaking news alerts in the free FOX5NY News app!
This browser does not support the Video element.
Shipping concerns heading into the holiday season
There is growing concern about the number of empty store shelves across the nation, due in part to a backlog of cargo ships that cannot dock because there are not enough workers to unload them. Experts are sounding the alarm about how it could affect holiday shopping.