Rising Inflation Slams American Businesses and Consumers
Inflation hits prices in all sectors.
by Isaac Willour
July 31, 2021, 12:01 AM
Joe Biden’s beloved chocolate chocolate chip ice cream will cost Americans a pretty penny as inflation continues to drive up prices of American goods.
U.S. inflation is currently growing at the fastest pace in over a decade, and food and drink manufacturers across the country are resorting to price hikes in order to stay afloat. Brands including ice cream maker Nestle, brewery Anheuser-Busch, and tequila provider Diageo have all announced increasing packaging and transport costs, as well as a rise in the cost of raw ingredients.
According to Nestle CEO Mark Schneider, the change was relatively unexpected. “Inflation has been virtually absent for a number of years and then pointed up very sharply. It hit us directly,” the CEO told the press.
Cereal maker General Mills’ prices have also gone up and likely will continue to do so. General Mills CFO Kofi Bruce says the company’s strategy is based on what competitors are doing. “We are all likely looking at the same headwinds . . . and are planning to take action,” said Bruce.
While big companies like General Mills may be able to weather those headwinds, small businesses can’t afford to raise prices. An April-May Alignable poll showed that 67 percent of small business owners are concerned that inflation will hurt their ability to recover. One respondent voiced brutal honesty: “All of my suppliers have had to raise their prices. It’s a hard time to be a small business owner.”
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https://spectator.org/inflation-prices-rise-american/
