(Consumers Products You Pay More For report updated with price increases from General Mills and Campbell's Soup.)
NEW YORK (TheStreet) -- If it seems like everything from meat and potatoes to tissues and light bulbs is getting more expensive, it's because it is. Here's a look at some of the consumer products you're paying more for....
General Mills' (GIS) Food Products
CEO Ken Powell conceded that he didn't believe food prices would come down this year as they did last year, predicting inflationary trends to continue. The company did not say how much it would raise prices nor on exactly which products consumers could expect to pay more, but General Mills did say that on its Progresso brand of canned soups it would reduce discounts as a means of raising prices. In May, General Mills' prices were 9.4% higher than they were a year ago, according to the Wall Street Journal.
Coffee futures hit a three-decade high of $3.0615 per pound on May 3 but have come down somewhat from that price in recent trading sessions. For Starbucks, the move to raise prices came as somewhat of a surprise, as the coffee shop chain said earlier in the month that it had already contracted its coffee purchases for the remainder of fiscal 2011, locking in its costs. Starbucks said the price hikes will be applied to bagged coffee sold at its cafes in the U.S., effective July 12. It was the first price increase on caf'-sold bagged coffee in two years. In March Starbucks hiked the price of bagged coffee sold at supermarkets by 12%. In December, Starbucks CEO Howard Schultz called the 50% spike in coffee futures "tragic," blaming financial speculators for the run-up in prices.
Hasbro, the maker of Nerf foam toys and Monopoly board games, expects its labor costs to rise in the mid-teens in 2011, though it doesn't expect total costs to increase as much as they did in 2010. Even so, toymakers are in a unique position to pass on higher costs to consumers, often without the shoppers even realizing they're paying more. "The good thing for the toy manufacturers is that every year 80% of the skews are brand new skews, so it's a lot easier to put forth price increases through the retail channel than it is for companies that have the same products year in and year out," said Eric Handler, an analyst with MKM Partners.
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