Surging prices of raw materials, labor shortages, substantial bottlenecks at global ports and increasing consumer demand are driving ongoing global supply-chain challenges just ahead of the holiday season.
In response, a wide range of companies across multiple sectors have implemented price increases to begin recovering lost revenue. News outlets including The New York Times, Washington Post, Bloomberg and Reuters have all reported on companies subtly raising prices and how that will directly impact American consumers and their budgets.
Companies have announced price hikes through press releases or other owned materials in company newsrooms, while others have waited till quarterly earnings calls to detail the impact. They have framed their decisions within the context of the widespread shortages and the inflationary environment.
Companies that have announced price increases include Dollar Tree, Unilever, Mattel, PepsiCo, Hasbro, Danone, FedEx, GE and Sherwin Williams.
Meanwhile, the federal government is focused on addressing concerns with the port congestion crisis and inflationary controls. On October 13, the White House announced a plan to address bottlenecks at Ports of Los Angeles and Long Beach.
In June, President Biden launched the Supply Chain Disruptions Task Force, which includes a private-public commitment to move towards 24/7 operations at the Ports of Los Angeles and Long Beach. These two ports are the point of entry for 40% of containers to the U.S. Large companies have committed to increasing hours to move a greater number of shipments.