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?
Was just shopping for groceries. The old “1 pound” 14 ounce packages are all 12 ounces now. But hey, at least the bag is the same size. And Biden is just getting started.
The other day, I compared the toothpaste story to beef. They’ve kept the cheap cuts cheap but ribeye have doubled in the past few years. Bacon has tripled but pork chops are only up a little. Products for the haves and different products for the have nots.
I’m thinking about buying some 12x12 white terry towels so we can cut down on paper towel usage because paper products have nearly doubled.
Natural gas and therefor fertilizer shortages and price increases are gonna be fun. Expect all food products to double before the year’s up. Some stuff already has.
f**k joe biden
It’s going to be cheaper to pour Jim Beam in my gas tank.
At least corporate greed can be tempered by things like competition and boycotts from time to time. Not so with government greed.
I have property. We garden, we can heat exclusively with wood cut on our own property, and we have a 250 gallon “fuel cell” to power everything if necessary. If gas gets too expensive, I might shrink my yard from 9 acres to something cheaper to cut. :)
We also buy beef by the “half cow” and currently have a full freezer. Most of us around here can grow our own beef if necessary and usually those that do will split a steer with one of us that doesn’t.
And lots of varmints - and two very clean streams on my property as well as a natural well.
We purchased it two weeks before Obama was elected in 2008. We saw the writing on the wall back then. We lived in the Seattle area at that time. We now LOVE Kentucky, if only because we haven’t even thought about masks in this area for a very long time.
Just trying to keep my posts from getting kicked.
FJB!!
The idiot voters in California are so dumb they over-rode a recent proposition to cancel Newsom’s latest gas tax.
ANYONE who complains to me in this state about high gas taxes I ask: Who did you vote for? Did you vote against Proposition 6?
Seems so many of the younger, working class support Newsom and his gas tax hikes. They are the ones who are hit the hardest (SoCal is the communting capital of the world) - but seem to make no connection between their voting habits the current state of the economy, especially gas prices.
You’ll find no sympathy from me.
“I thought only Russia’s economy was imploding.”
That is the current narrative,which is to blame Russia for the coming economic pain.
If current sanctions are followed through on(which is a big “if”) the global economic pain will be tremendous.
Unlike when Trump raised tariffs there isn’t much talk about who these sanctions are going to actually hurt.(Hint: Many Non Russian businesses & consumers)
The American Establishment through information/propaganda is currently turning the Covid Hysterian into a “Ukrainiac.”
Better start forging a well constructed wall for your anecdotal situation along with saving for inflated materials because if 1932 is an indication, the government will come first to confiscate resources while thieves fight over the scraps. Do you grow MDs, nurses, pharmacists, etc... in your garden? That “stuff” will be heavily streamlined.
They spout what they hear on mainstream “news”. This is what is scary there are a large number of them.
“And some people wonder why “LET’S GO BRANDON” is such a popular phrase.”
Just had a “discussion” with my neighbor, an invader from CONnecticut, about the price of gas.
His claim is that government has no way to affect the prices of anything. Nothing a president can do can affect the prices of gas. His claim is greedy Big Oil. Oh, and capitalism. Capitalism bad.
Orange man bad.
Biden good.
Obama good.
Clinton good.
Claims to be neither republican or democrat. I said the only other choice is socialist or communist.
He walked off.
This has nothing to do with price fixing at the pump. It’s all about supply and demand. If sh$t for brains Biden hadn’t cut drilling and the Keystone pipeline things wouldn’t be this bad.
Exactly.
I remember the old Pepsodent TV ads that showed how to put a whole line of toothpaste on the brush.
I can do a good brush and make toothpaste last forever.
Jo Jo the Pedo Clown’s “approval rating” is going up with each increase in the price of a gallon of gas. America has become infested with retards and morons.
“Remember folks, this is transitory.”
This is the first time in energy production history it isn’t transitory, and it’s unnecessary.
Giant investors lowered investments in future oil and gas production and are investing in BS green energy and that’s WHY it isn’t transitory. This is a Global movement.
Even if they changed their minds today it would take several years to bring back sufficient production.
Lower income countries and people will bear the brunt for a long time.
Biden’s loss of 3mm barrels a day through closures of areas and stopping the pipeline are a SMALL part of the problem the world faces now when it comes to energy. Most of OPEC can’t even hit their reduced production numbers, let alone produce more. The Saudis don’t even break even until well over $100 so why should they care?
The only good thing I see in that sign is that there’s only a $0.30 differential between regular and premium. Here in Central Kentucky, I have to pay a $0.60 differential to fill up my semi-old Jag-u-ar. I’ll be driving my VW more and my Jag-u-ar less.
Do you grow MDs, nurses, pharmacists, etc... in your garden? That “stuff” will be heavily streamlined.
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