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More companies raising prices on goods, expected throughout 2021

Posted at 7:17 AM, Apr 22, 2021
and last updated 2021-04-22 10:28:38-04

More big name companies say they're raising prices because it's costing them more to make their products.

Contributing factors are disruptions in transportation from shipping to trucking, including the Suez Canal blockage and the Texas winter storm disaster.

On top of that, energy costs are rising alongside demand.

Predictions are price increases could continue the rest of the year.

"A lot of companies have tried to show restraint, because they know a lot of consumers have been hit hard but they're not going to have a lot of choice, you know what we're seeing, especially in transport and logistics costs those are going through the roof," said Willy Shih, professor of management practice with Harvard Business School.

We could be paying as much as 4 - 5% more on items.