From toilet paper to diapers, here’s a slew of household staples that are about to get more expensive

Stockpiling toilet paper
  • Several companies including Procter & Gamble and General Mills have announced price hikes.
  • The goods affected include paper products and baby-care items.
  • The prices of Coke products and coffee are likely to increase as port delays pinch the supply chain.
  • See more stories on Insider’s business page.

Many household goods are getting more expensive as companies like Procter & Gamble and General Mills announce price hikes to combat shortages and rising shipping costs.

During its third-quarter earnings call this week, P&G said it had started raising the prices of some of its goods, including baby-care and feminine-care products and adult diapers from its brands such as Pampers, Tampax, and Always.

“The exact amount of the price increase will vary by brand and sub-brand in the range of mid-to-high single-digit percentages and will go into effect in mid-September,” P&G said in a statement.

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Some of P&G’s primary competitors, including Kimberly-Clark, have announced similar price increases. In March, Kimberly-Clark said it would increase the prices of top products like Scott toilet paper and Huggies diapers.

General Mills’ chief financial officer, Kofi Bruce, said during the company’s March earnings call that it was planning to increase its prices to offset rising commodity costs as its margins continued to fall. While the company did not specify what products would be affected, General Mills’ lineup of brands includes Cheerios, Chex, Betty Crocker, and Pillsbury products.

On Monday, Coca-Cola CEO James Quincey told CNBC that the company was planning to hike its prices for the first time in over three years. Quincey did not specify the products that would be affected.

Quincey said Coca-Cola planned to implement the price hikes “intelligently, thinking through the way we use package sizes and really optimize the price points for consumers.”

Coffee prices are also set to skyrocket. Peet’s and J.M. Smucker, the brand behind Folgers and Dunkin’ coffee, have said they’re facing rising costs. Reuters reported that in February, port delays pushed coffee prices to their highest level in over a year.

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J.M. Smucker also increased the price of its Jif peanut-butter products in August.

Many of these companies said sales had continued to rise in the last quarter, even from the previous year, when some people were stockpiling products at the beginning of the pandemic. While an increase in demand can only be a positive for companies, demand is outstripping supply and driving up the price of some goods.

Consumer interest is rising as the products are getting increasingly difficult to obtain because of a shipping-container shortage and port congestion.

March data from the US Bureau of Labor Statistics’ Consumer Price Index indicated that as vaccination rates increase, prices go up. Consumer prices increased in 2021 over last year at their highest rate in three years.

While there has been a large increase in the price of gasoline, the cost of food, rental cars, and hotels have also pushed higher.

For products from the brands of top companies like P&G, people are likely to see inflated prices at the grocery store as demand compounds on vaccine optimism and port congestion shows no sign of clearing.

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From toilet paper to diapers, here’s a list of household staples that are about to get more expensive

Stockpiling toilet paper
  • Several companies including Procter & Gamble and General Mills have announced price hikes.
  • The goods most heavily impacted include paper products and baby-care items.
  • Coke products and coffee will see price increases as port delays continue to pinch the supply chain.
  • See more stories on Insider’s business page.

Many household goods are getting more expensive, as companies like Procter & Gamble and General Mills hike prices to combat shortages and rising shipping costs.

During their third-quarter earnings call, P&G said it has started raising prices on some of its paper goods, including baby-care, feminine hygiene products, and adult diapers. The price hike would encompass Pampers diapers, Charmin toilet paper, Tampax and Always feminine products, as well as Depends and Prevail adult products.

“The exact amount of the price increase will vary by brand and sub-brand in the range of mid-to-high single-digit percentages and will go into effect in mid-September,” P&G said in a statement.

AP111207090833

Some of P&G’s primary competitors, including Kimberly-Clark, have already announced similar price increases. In March, the company said it would implement a price increase for top products like Scott toilet paper and Huggies diapers.

Similarly, General Mills CFO Kofi Bruce said during the company’s March earnings call that it was planning to increase its prices to offset rising commodity costs as the company’s margins continue to fall. While the company did not specify what products would be impacted, General Mills’ line-up of brands includes Cheerios, Chex, Betty Crocker, and Pillsbury products, to name a few.

On Monday, Coca-Cola CEO James Quincey told CNBC the company is planning to hike its prices for the first time in over three years. Quincey did not say which beverages would be impacted by the price increases.

“We intend to manage those [the price hikes] intelligently, thinking through the way we use package sizes and really optimize the price points for consumers,” the CEO said.

Coke is not the only drink that will get more expensive in the coming months. Coffee prices are set to skyrocket. Peet’s and J.M. Smucker told CNBC in March that they are facing rising costs. Last month, port delays pushed coffee prices to their highest level in over a year.

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J.M. Smucker – the brand known for Folgers and Dunkin coffee – was one of the first companies to start hiking prices when it increased the price tag for its Jif peanut butter products in August.

Many of the companies including P&G and Coca-Cola saw sales continue to rise in the last quarter, even from the previous year when people were stockpiling products at the onset of the pandemic. While an increase in demand can only be a positive for companies, demand is outstripping supply and driving up the overall price of goods.

Consumer interest is rising at the same time the products themselves are getting increasingly difficult to obtain due to the shipping container shortage and port congestion.

March data from the US Bureau of Labor Statistics’ Consumer Price Index shows that as vaccination rates increase, prices continue to go up. Consumer prices increased in 2021 over last year at their highest rate in three years.

While gasoline prices have seen the largest increase, the cost of food, rental cars, and hotels has also pushed higher.

For top companies like P&G – that encompass everyday products and top brands like Tide, Gillette, Crest, Bounty, and Pantene – consumers will likely continue to see inflated prices at the grocery store, as demand compounds on vaccine optimism and port congestion shows no sign of clearing.

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Tesla is hiking the prices on its solar roof tiles for existing customers by as much as 70%

Tesla Solar Battery
Elon Musk, CEO of Tesla.

  • Customers waiting on installations of Tesla’s Solar Roof received were told the price was rising.
  • Electrek reported customers receiving the same email with massive price hikes this weekend.
  • Some customers had signed contracts over a year ago.
  • See more stories on Insider’s business page.

Customers for Tesla’s Solar Roof product are reporting they’ve suddenly been hit with massive price hikes.

The Verge reported Monday that one customer for Tesla’s solar roof product signed a contract in February for a roof costing $35,000 plus $30,000 for the battery. The same customer later received an email telling him he would be receiving a new contract with the price hiked to $75,000 plus $35,ooo for the battery – a 69% increase.

Tesla has a solar panel installation programme that sits alongside its larger electric vehicle business. It offers two products, regular solar panels, which go on top of a customer’s roof, and the “Solar Roof,” which replaces a customer’s roof tiles with solar energy cells.

“We have increased the price of Solar Roof and have added adjustments for individual roof complexity,” the email said. It added the customer would be able to cancel his order and get his deposit refunded, and said Tesla would be “prioritizing customers based on the order in which they accept their updated agreements.”

This followed a report from Electrek this weekend that multiple Tesla Solar Roof customers had received the same email. Some of these customers had signed contracts over a year ago and been waiting for the installation, before being told they would have to pay more money.

One customer showed Electrek documents that they had agreed to a price of $77,000 nine months ago only to be told this week that the price is now $118,870.

Some had also already spent thousands of dollars in preparation, having trees cut down.

Electrek reported on March 29 that Tesla had dramatically increased its prices for its Solar Roof product. After receiving tips from customers, the publication compared a quote it had received for a 3,947-square-foot roof last summer by running the details of the same roof through Tesla’s price calculator. While Electrek had received a quote for $54,966 in summer 2020, in March it was quoted between $79,938 and $100,621 for the same roof.

Tesla did not immediately respond when contacted by Insider for comment.

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