Federal Reserve Chairman Jerome Powell warned Wednesday that inflation will continue in the near future, running at least into 2022.
He expressed frustration that focus on Covid-19 and pushing mass vaccination "remains the most important economic policy that we have."
"It's also frustrating to see the bottlenecks and supply chain problems not getting better — in fact at the margins apparently getting a little bit worse," he continued. "We see that continuing into next year probably, and holding up inflation longer than we had thought."
These economic issues are having a big impact across industries, and Dollar Tree, which for decades has fulfilled its commitment to keeping prices at the $1 mark and below, hasn't been spared.
After expanding nationwide from only a handful of stores in Georgia, Tennessee and Virginia, Dollar Tree is breaking the mold and will sell items in some locations that exceed the tantalizing $1 grab-n-go price.
The cost of clothes, cars, food and just about everything else has soared this year as the global economy emerges from a pandemic uppercut and Dollar Tree has not been untouched.
Last month the retail chain said that rising shipping costs would take a bite of $1.50 to $1.60 out of its per-share profits this year. That’s a huge hit for any business, perhaps more so for one founded decades ago steadfastly calling itself “Only $1.00 Inc.” […]
Raising some prices will certainly give the national chain some flexibility and likely more variety on its shelves. But a dollar this year will not buy you what it did in 2020. (AP)
In a statement, Dollar Tree CEO Michael Witynski vowed to stay as true to its roots as possible.
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"We will continue to be fiercely protective of that promise, regardless of the price point, whether it is $1.00, $1.25, $1.50," Witynski said.
Not even the Dollar Tree can keep up with Biden’s inflation.
— Senate Republicans (@NRSC) September 30, 2021
Way to go, Joe!https://t.co/oxa9pdvnMO
Dollar Tree is officially pricing items at more than a dollar. We all know why, They can’t survive at $1 or less because of the inflation Biden’s economic plan is producing. Before Biden’s done it’s gonna be ten dollar tree just to stay in business. https://t.co/O3huKv0L3L
— Robby Starbuck (@robbystarbuck) September 30, 2021
Another American institution destroyed by government inflation.https://t.co/hJxe3xwpTj
— Jeff Jacoby (@Jeff_Jacoby) September 30, 2021
