Posted on 03/05/2022 6:46:33 AM PST by blam
Consumer goods companies are raising prices of ‘essential everyday’ items on Americans as inflation soars to multi-decade highs. The latest to do so is Colgate-Palmolive, an American multinational consumer products company, announced a new expensive line of toothpaste, according to Reuters.
Last week, Colgate-Palmolive CEO Noel Wallace told an industry conference that its new Optic White Pro Series toothpaste would be “vital” to its ability to raise prices. The new 3-ounce tube of premium toothpaste will cost a whopping $10.
For some context, Statista notes the average price of leading toothpaste brands in the U.S. in 2019 averaged between $4 and $6., and camelcamelcamel.com shows the same with a 2-pack costing around $10-12 for the last year…
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Last year, consumer goods companies increased prices due to rising raw material costs, labor shortages, and freight rates. Soaring prices have dented consumer sentiment, which remains at an eleven-year low. Some consumers are unphased by inflation though lawmakers and consumer advocate groups are probing consumer goods companies for excessively raising prices to fuel profits and return money to shareholders.
“We’re seeing significant price hikes on virtually every item consumers purchase,” said U.S. Representative David Cicilline, who is working on proposed antitrust legislation aimed at bringing down prices. “
“They’re imposing real hardships. People are taking things out of their grocery carts because it’s too expensive,” Cicilline said.
It’s not just consumer goods companies raising prices. Big box retailers such as Walmart and Target are doing the same.
The Federal Trade Commission is investigating Procter & Gamble, Kraft Heinz Co, Kroger Co, and Walmart for fueling higher prices.
Cicilline told Reuters that Colgate is a “company touting price hikes, making basic items too costly, and paying out more to investors.” Colgate expects better margins this year and increased share buybacks last year by almost 50%.
Colgate’s Wallace said price hikes are a “key capability” to drive profit and growth.
The White House has taken an active role in investigating companies for excessive price increases ahead of midterms. Inflation is so troublesome for the administration that President Biden’s State of the Union Tuesday addressed the troubling issue.
“Too many families are struggling to keep up with the bills,” Biden said. “Inflation is robbing them of the gains they might otherwise feel. I get it. That’s why my top priority is getting prices under control.”
…and if $10 toothpaste sounds terrible. Turmoil in Ukraine is disrupting global commodity markets that have sent WTI futures above $110 a barrel, which suggests the US national average for gasoline at the pump could soon be $4.
Democratic leaders are in panic mode as they’re failing to tame inflation ahead of midterms. Are price controls next?
Russia “Recommends” Fertilizer Makers To Halt All Exports ("Food Prices To Double, Triple")
And some people wonder why “LET’S GO BRANDON” is such a popular phrase.
Let's go Brandon, indeed...
Remember folks, this is transitory. And if you feel warm liquid pouring down your back, it’s just raining outside.
Looks like JIM BAAKER was right when he urged everyone to STOCK UP.
Those of us on a fixed income are suffering these days. My property taxes up 40%, my home owners ins up 47%, my car ins almost doubled, gas at $4 per gal, etc., etc...How long before I’m priced out of my own home? Not long.
Enjoy your Democrats.
I was listening to a local talk show yesterday. The topic was inflation, and specifically the high price of gas. (Please note that I live in a heavy Democrat area.)
Some callers were blaming Russia for the inflation. But most of them were blaming “greedy companies”. No one was blaming Biden.
It’s good that I’m a calm and rational person. Because otherwise I would have thrown my radio out the window.
Use baking soda instead of toothpaste.
It works just as well, and is relatively cheap.
“ U.S. Representative David Cicilline, who is working on proposed antitrust legislation aimed at bringing down prices..”
See it’s not a policy problem. It’s Big Toothpaste.
Idiot.
L
I’m in rural Kentucky. the day before yesterday, all the stations in town had regular at $3.29. By noon they were at $3.49. And yesterday at 11 they were at $3.69. I have no idea what it is today.
Suffice it to say, I’ve never seen anything like this in my entire 68 years. Even during the oil crisis back in the 70’s.
This is gonna leave a mark.
When everyone stops being nice using LGB and use what we really should be using, the Dems are finished.
FJB!
At the same time with the skyrocketing home prices local GVTs are reassessing home values increasing property taxes.
Half bogus story. Colgate Optic White is the super premium toothpaste. That is a 4.6 is tube. I just bought a 6.0 oz tupe of Colgate Sparkling White for $2.00.
Worrying about the price of toothpast is classic “penny wise and dollar foolish”. It matters someone to gauge price inflation, but if it tripled in price it would really have no affect on virtually anyone’s budget. Heck, my wife and I bought a package at costco last year that will last us YEARS.
Also, most people put twice as much on their brush as they need. That alone “doubles” the price.
I thought only Russia’s economy was imploding.
Let us be brutally honest here: All we are seeing is what a LOT of us were saying was going to be the fallout of the ludicrous lockdowns. You simply can’t do that to a culture/economy for YEARS and not get some quite painful fallout.
Oh, that and the ones that caused the whole thing are the ones in control.
This is probably the collapse a lot of doomsayers have been warning of for many years. These things are always relatively easy to predict. It’s the timing that nobody can get right - until after it happens.
It’s time to panic buy.
I paid $4.50 last night at Costco.
It should be an easy $6.50 by Memorial Day.
Those of us on a fixed income are suffering these days.
**************
That’s for sure.
Calamity Joe is making it very tough on those with fixed and modest incomes. The elites don’t care about inflation; it has little effect on them.
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