Food and snack company General Mills is raising the prices of some of our favorites, including Cheerios, Fruit Roll-Ups and more.
Yesterday’s price is not today’s price! All jokes aside, get ready to break out an extra dollar because prices are going up on some of General Mills’ popular items. This past week, General Mills sent out a notice to its customers explaining that it will be bumping up the price of products by the middle of next January, CNN Business reports.
Some of the products that will be affected include Cheerios, Cinnamon Toast Crunch, Wheaties, Lucky Charm’s, Betty Crocker, Annie’s and others. CNN Business reports the items will get a 20 percent increase in pricing by next year.
The news outlet reports that General Mills reportedly won’t release the terms or reasons of their agreement and the change to maintain their relationship with its suppliers. Customers can expect to see the difference at their local grocery stores.
General Mills states that it expects its input cost inflation to be 7 percent to 8 percent in its 2022 fiscal year. “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.
But, rising inflation will add to the financial hurdles of lower-income households. “Inflation has been more painful for lower-income households,” Bank of America economists explained in a research report last week, CNN Business reports.
