Prices of everyday basics like Bounty paper towels and Cadbury chocolate may rise again this year while those of others like Clorox Co wipes and Diet Pepsi are likely to stay steady. | Reuters
But, there are small signs the pressure is easing, with U.S. consumer prices a month earlier declining for the first time in two-and-a-half years, due in part to gas prices.
The cost of cardboard cases has decreased by as much as 50 percent, and transportation costs have plummeted as well, by 25-30 percent, Reuters reported last week. Some plastics and chemicals used in household goods have risen, executives have said, and labor remains costly. It’s riskier for national brands to hike prices on products where consumers are increasingly buying store brand items, such as grocery and baby products, according to data from market research firm Numerator.
Price, always a major factor for consumers along with quality, is now becoming even more important, said Mark Hosbein, an executive at consulting firm Magid. Magid’s data from surveys shows that consumers are spending dramatically more on groceries, rent and gas, forcing them to cut back on savings and eat out less.
Coca-Cola Co’s CEO James Quincey, for example, said on Tuesday the company had “earned the right” to push prices on to consumers because its classic Coke and Fanta sodas lead the beverage category.
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