“Bidenflation” is occurring on everything from gas prices, meat costs, and now even Dollar Tree is raising prices.
That’s right, Dollar Tree announced that they were raising prices on most goods in their stores from $1.00 to $1.25.
Dollar Tree CEO Michael Witynski said, “Lifting the one-dollar constraint represents a monumental step for our organization and we are enthusiastic about the opportunity to meaningfully improve our shoppers’ experience and unlock value for our stakeholders.”
The company stated that the “$1.25 price point will enable Dollar Tree to return to its historical gross margin range by mitigating historically-high merchandise cost increases, including freight and distribution costs, as well as higher operating costs, such as wage increases.”
Witynski continued “Our Dollar Tree pricing tests have demonstrated broad consumer acceptance of the new price point and excitement about the additional offerings and extreme value we will be able to provide. Accordingly, we have begun rolling out the $1.25 price point at all Dollar Tree stores nationwide.”
Dollar Tree has sold products at $1 for 35 years and was one of the last major U.S. retailers to keep products priced at $1.
Dollar Tree is catching up to the economy which has seen a prolonged stretch of inflation which rose 6.2 percent under Joe Biden last month.
Headlining inflation occurred in oil fuel prices, which rose 12.1 percent in October. Fuel prices over all have increased 59.1 percent during Biden’s time in office.
Food prices are also up by 5.3 percent from a year ago. Used vehicle prices have risen 36.4 percent, and new vehicle prices have increased 9.8 percent.
Inflation has become a big political problem for Joe Biden, and it is hurting Americans in their pocketbooks. Retailers like Dollar Tree are proving that the Biden administration was wrong when they claimed that inflation was “transitory.”
Dollar Tree has vowed that the price increases are permanent. Unfortunately, it appears that Bidenflation won’t be subdued anytime soon.
