US Plastics Inflation Threatens Higher Car and Grocery Prices as Resin Costs Jump 14%
Updated
Updated · Bloomberg · Jun 12
US Plastics Inflation Threatens Higher Car and Grocery Prices as Resin Costs Jump 14%
3 articles · Updated · Bloomberg · Jun 12
Summary
US plastic suppliers say consumer prices for cars, groceries and other goods are likely to rise later this year as manufacturers can no longer absorb surging input costs.
A wholesale gauge of plastic resins and materials climbed 14% last month to its highest level in nearly four years after the Iran war choked off supplies of key components.
Corry, Pennsylvania-based molder Shawn Gross, which supplies parts for automotive and heating systems, said the cost squeeze is nearing a breaking point for producers.
The pressure points to broader inflation risks across consumer goods because plastics are embedded in packaging, vehicle components and household products.