General Mills notified retail customers that it's raising prices in mid-January on hundreds of items across dozens of brands.
Prices will go up by around 20% beginning next year.
General Mills' plans are the latest evidence that rising prices won't be going away anytime soon for some of the most recognizable food and household brands.
The company is the latest consumer manufacturer to announce price hikes beginning next year, joining Tyson, Kraft Heinz, Mondelez , Procter & Gamble (PG), Kimberly Clark and others.
Prices climbed 1% in October from September and were 5.4% higher than at the same time last year, according to the latest data from the Bureau of Labor Statistics.
Inflation on food, beverages and household basics will climb to 8% during the first half of 2022, projects IRI, a market research firm. IRI tracks prices, point-of-sale and volume data, promotions and trends at big-box stores, wholesale clubs, supermarkets, pharmacies and other consumer channels.
The producer-price index, which measures the price manufacturers receive for their goods and services, jumped 0.6% last month from September and rose 8.6% annually.
General Mills said that it was responding to higher materials and labor costs. "The current operating environment is as dynamic as we've experienced in at least a decade, resulting in significant input cost inflation, labor shortages, and challenges servicing the business," General Mills said.
https://edition.cnn.com/2021/11/23/business/cheerios-grocery-prices-general-mills/index.html