Inflation rates rise again in January, now at 7.5% over previous year, exceeding the 40-year high set in December.
Link copiedHigh prices continue to hit American shoppers as inflation increased to 7.5 percent for the month of January on an annualized basis, exceeding the 40-year high set just the month prior.
The rise in consumer prices appears to be sticking around, despite earlier claims by Federal Reserve Chair Jerome Powell that the effects would be transitory. But as annual supply contracts began to be renegotiated in the fourth quarter, major manufacturers are not just passing along increased input, labor and transportation costs to consumers, they’re also increasing their profit margins.
“Despite heroic efforts and a record year of production, we were unable to keep pace with accelerating consumer demand,” Michele Buck, chief executive and chairman of the Hershey Co., said during an earnings call last week. Like many manufacturers, the company is trying to add more labor and production capacity, adding four lines during the last year, but cited the omicron surge as increasing worker absenteeism and slowing output.
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