Kimberly-Clark says Cottonelle, Scott toilet paper price hikes coming
Percentage increases will be in the 'mid-to-high single digits'
The cost of toilet paper and other baby products are on the rise and consumers should brace for higher prices.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| KMB | KIMBERLY-CLARK CORP. | 137.03 | +0.66 | +0.48% |
Kimberly-Clark Corporation, the maker of Scott, Cottonelle and Viva, announced its plan Wednesday to increase prices "across a majority of its North America consumer products business."
CLICK HERE TO READ MORE ON FOX BUSINESS
"The increases will be implemented almost entirely through changes in list prices and are necessary to help offset significant commodity cost inflation," the company said in a statement.
The percentage increases will be in the "mid-to-high single digits" and will come by late June, according to the company. Baby and child care, adult care and Scott bathroom tissue will also be impacted by the increase.
Rolls of Scott toilet paper manufactured by Kimberly-Clark are seen on a supermarket shelf on Thursday, March 17, 2016. (Richard Levine/Corbis via Getty Images)
Last week, reports began circulating that products including toilet paper could face shortages due to the colossal container ship, the Ever Given, getting stuck for nearly a week in the Suez Canal.
This caused a logjam with hundreds of vessels, holding billions in goods, backed up threatening shortages for U.S. consumers.
TOILET PAPER COULD FACE A NEW SHORTAGE
This photo released by the Suez Canal Authority on Thursday, March 25, 2021, shows two tugboats next to the Ever Given, a Panama-flagged cargo ship, after it become wedged across the Suez Canal and blocking traffic in the vital waterway from another
The ship was freed Monday after disrupting global trade for nearly a week but shortages may persist.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Toilet paper, in particular, already faced a shortage early on in the pandemic after virus-wary consumers stockpiled the product ahead of lockdown orders.
The Associated Press contributed to this report.