Consumer Shares Rise as Consumer Prices Surge -- Consumer Roundup
|06/10/2021 | 05:22pm|
Shares of retailers and other consumer companies were higher as data showed consumer prices surged in May to reach the highest annual inflation rate in nearly 13 years.
Higher costs for labor, commodities and transportation are leading to higher prices at supermarkets and restaurants as food companies pass along higher costs to consumers. General Mills, Campbell Soup, Unilever and J.M. Smucker are among food makers raising prices at supermarkets.
In addition, inflationary pressure will drag on Procter & Gamble's bottom line until at least 2022, Jon Moeller, the company's operating chief, said at an investor conference. Restaurants, including Chipotle Mexican Grill and Cracker Barrel, have also raised menu prices. Executives say they expect more price increases this summer as costs remain elevated for labor, commodities and transport.
Elon Musk is aiming to breathe new life into Tesla's high-end sedan that helped establish the company as the world's leading electric-vehicle maker. The redesign of the Model S is the latest sign that Tesla has evolved from a sprightly startup challenging incumbents with new vehicles, to an established manufacturer that also has to upgrade legacy models to keep potential buyers interested.
Peugeot and Citroën have become the latest auto makers to face preliminary charges in France on suspicion of emissions fraud, extending the fallout from a years-long scandal that engulfed the auto industry after Volkswagen admitted to cheating in pollution tests.
GameStop shares fell 28%. The original meme stock and videogame retailer said Wednesday it was planning a stock offering after resetting its leadership team.
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