Last year was a time of runaway inflation. Prices appear to be moderating a bit in 2023, but you will still have to pay up if you like to buy some popular brands.
Despite a trend toward subsiding price increases, some companies are continuing to pass on higher costs to consumers.
Following is a list of product manufacturers that are planning to ask you to dig more deeply into your wallet this year.
The rising price of ingredients has caused Nestle S.A. — the world’s biggest food group — to announce on Feb. 16 that it will raise prices again this year. In 2022, the company hiked prices 8.2% but says that wasn’t enough to offset those rising ingredient costs, Reuters reports.
Nestle owns more than 2,000 brands. The company says the biggest include:
- Toll House
Liqueur company Pernod Ricard also said Feb. 16 that it will raise prices this year, citing high production costs. This news follows price increases of around 10% during the first half of the company’s fiscal year, which runs from 2022 to 2023.
Pernod Ricard’s brands include:
- Chivas Regal
- Havana Club
High costs will push Coca-Cola Co. to raise the prices on its products again “across the world” in 2023, although at a more measured pace than last year, the company said on Feb. 14.
In addition to its iconic soda Coke, Coca-Cola Co. makes more than 200 brands, including:
- Minute Maid
Electric vehicle manufacturer Tesla Inc. boosted the price of its Model Y performance crossover and Model Y Long Range in February.
But the news is not all bad, as Tesla has reduced the price of other vehicles, including the rear-wheel drive Model 3 sedan, which already was the company’s cheapest model, Reuters reports. In fact, the Model 3 is at the top of the list in “4 Used Car Models With Plummeting Prices (Finally).”
Rising input costs have forced London-based Unilever PLC to continue to raise prices of detergents, soaps and packaged foods, the company said in early February. However, Unilever expects those increases to ease in the second half of the year.
The company’s brands include:
- Ben & Jerry’s
- Seventh Generation
Tapestry Inc. also said in early February that it expects to hike prices again in 2023.
“We continue to see opportunity as we move forward to drive average unit retail up,” Tapestry CEO Joanne Crevoiserat told Bloomberg.
The company owns the luxury fashion brands:
- Kate Spade New York
- Stuart Weitzman
The bad news is that Ralph Lauren Corp. price hikes mean your Polo shirt might cost a bit more in 2023.
The good news is that price hikes are expected to be more moderate this year than in the previous couple of years, the clothing company said in early February.
Procter & Gamble
High commodity costs are weighing on Procter & Gamble Co., and the consumer goods company is responding with plans to continue to raise prices in 2023, it said in January.
Popular P&G brands include:
- Head & Shoulders
Starting Feb. 21, the music streaming service will cost:
- $10.99 per month for the individual plan (up from $9.99)
- $5.99 per month for the student up (up from $4.99)