Great Scott! Inflation Is Real on Toilet Paper Prices
Number of the Day: The most relevant or interesting figure in personal finance
That’s how much the price of toilet paper has shot up in the last year, according to data from NielsenIQ, and apparently, it’s only going to get worse.
The unit price for toilet paper—the average price for packages of all different sizes—was $8.32 in the week through April 3, up from $7.16 a year earlier, according to NielsenIQ, a consumer data company.
With commodities and other raw materials becoming more expensive, these and other consumer prices are on the rise, and only expected to get higher as demand increases with the economic rebound. Kimberly Clark has said it would bump up prices of products like its Scott brand bathroom tissue by late June due to “significant commodity cost inflation,” while Procter & Gamble said it would raise prices for some of its brands in September.
In March, the core inflation rate (excluding volatile food and energy prices) accelerated to 1.8% from 1.4% in February, the government said Friday. This year-over-year change in the Personal Consumption Expenditure (PCE) Index—the Federal Reserve’s preferred measure for inflation—is the highest since February 2020, though still below the Fed’s ideal of 2%.
The Fed, which can help defuse price increases by raising benchmark interest rates, acknowledged the higher inflation this week, but said it largely reflects “transitory factors” that don’t merit any course corrections on the part of the central bank.