Transcript for Major brands announce new price hikes to grocery staples
Back now with price hikes at the supermarket. Procter and gammal announcing it will join several other major companies in raising prices of popular products over the next few months. Gio Benitez joins us with what's behind it and what consumers can do, gio. Good morning. Reporter: Hey, Michael, good morning to you. Yeah, in this pandemic Americans were already spending more on food and household items but now even with these companies making so much more money last year, we are still seeing these prices go up. Thought you were spending more at the grocery store than ever before? Well, brace yourself. There are even more major price hikes on the horizon. Procter & gamble announcing they are raising prices on a variety of goods including senior, female and baby care. As the global economy is emerging from a year of recession and the pandemic really hitting every economy hard supply chains are coming back online, that's now first showing up in raw material costs, so the companies that sell those items to you end up charging more. Reporter: While we don't know the specifics yet, this II 27 count of Pampers retails for around $9. A mid to high single digit perjury increase could see it up go 72 cents per package. Kimberly-clark, a company whose products include Huggies diapers and Scott toilet tissue announcing they will raise prices starting in June. It's a chain reaction. Once they lift their prices, that pretty much gives everyone license to do the same thing. Reporter: The consumer price index which measures how many consumers pay for everyday items jumped 2.6% over last year. That's the biggest increase in three years. It's causing ripple effects in the grocery aisles, everything from cheerios to peanut butter going up in cost. Analysts say it's not just the price of tears increasing, but also truck driver shortages and issues with freight like this container ship getting stuck in the Suez canal. So what can consumers do? There are store brand goods that are often as good quality or better and they're going to cost less. So don't go hoarding because you're concerned you won't be able to find a product. Reporter: All right, so what do you do to save money? As always there's an app for that. Ibotta will give you cash back and flip and basket that will help you find the best deals in your areas but, of course, Michael, guys, go ahead and science up for coupon emails. You might get them every day but they're worth it. Thank you so much for that. Thank you, gio. Coming up next, we have our
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