According to reports, the affected brands and products include Oscar Mayer cold cuts, hot dogs, sausages, bacon, Velveeta cheese, Maxwell House coffee, TGIF frozen chicken wings, Kool-Aid, and Capri Sun.
The price increases will range from 6.6 percent on 12oz packs of Velveeta to upwards of 30 percent on packages of Oscar Mayer turkey bacon. Most cold cuts and beef hot dogs will go up around 10 percent; coffee will increase about 5 percent; and those sugar-filled Capri Sun drink packs will spike about 20 percent.
"As we enter 2022, inflation continues to dramatically impact the economy," the Kraft Heinz letter, dated January 24, reads.
A wholesale customer allegedly shared the letter with CNN Business on the condition of anonymity in order to protect the company's relationship with its suppliers.
Headline consumer prices soared to highest levels in 40 years
Procter & Gamble (P&G) also recently announced plans to up the prices on consumer products like Tide and Gain laundry detergents, Downy fabric softener, and Bounce dryer sheets by about eight percent in February.
Conagra, which owns brands like Slim Jim, Marie Callender's and Birds Eye, is also planning to raise prices later in 2022.
Seeing as how grocery stores already operate on very thin margins, it is likely that most, if not all, of the cost will be borne by consumers and not wholesalers – so you can expect higher food prices, world.
For Kraft Heinz, this is hardly the first time since the start of the "transitory" inflation wave that the company has jacked up prices on its products. Back in November, Kraft Heinz announced a 9 percent price hike on beef, lean beef and hot dogs.
According to the most recent CPI (consumer price index) data release, headline consumer prices surged seven percent in December, which is the highest it has been in almost four decades. Food prices alone rose 0.5 percent month over month.
Outside the United States, global food prices also soared to levels not seen in ten years. This was led by surging demand for wheat and dairy products following a year of severe drought and other environmental conditions that negatively impacted production.
All of this was supposed to be transitory, as you may recall – meaning there was supposed to be a soon end. Now, it appears that transitory is becoming permanent, and could even end with a hyperinflationary crash.
Many "preppers" appear to be noticing the spikes as they continue to stockpile goods in anticipation of the apocalypse. One of them in the comment section at Zero Hedge noted that since January 1, flour is up 25 percent, beans are up 30-40 percent, coffee is up 28 percent, and meats "are continually rising."
"Butter is in that 10-15% range, same with other cooking oils," this same person added. "Sugar, oddly enough, which I do keep on hand but almost never use beyond a teaspoon for breads, is holding steady."
Another responded to this by expressing shock over meat prices in particular, which are simply outrageous. Another problem people are noticing is lack of supply as store shelves and online ordering platforms increasingly show out of stock.
"Things that used to be in what seemed endless supply are now out of stock and I'm regularly having to make substitutions," this person said. "I’m thinking it's not much longer until you don’t get to make brand and quality substitutions, you just can't get the product at all in any capacity."
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