McCormick's (MKC) Spices
Even consumers who choose to cook at home, rather than spend money dining out, are feeling the pinch. Spice maker McCormick has implemented price increases to offset rising raw and packaging material costs. The maker of spices, herbs, seasoning blends and sauces faced higher costs for commodities such as wheat and soybean oil, as well as increased expenses for plastics and another packaging materials. McCormick, which sells spices under the Lawry's and Old Bay labels as well as its namesake brand, expects its own costs to rise between 7% and 8% this year. McCormick raised consumer prices on both its brand-name and private-label products, so even consumers trading down to those lower-priced private label varieties are still paying more.