Dollar Tree has announced that due to inflation, shipping costs and the US-China trade dispute that some items will now cost more than a dollar.
You've heard the saying that "the dollar doesn't buy what it use to?" That seems to be the case even more now-a-days.
The Dollar Tree opened their doors years ago with one simple message, everything's a dollar. Arts & Crafts, Kitchen & Dining, Office Supplies, Toys, Books, Puzzles & Games, Holiday Décor and so much more can be found for the low low price of only one dollar.
Many families count on those prices as a way to provide the items they need for school, work and everyday life. But it could only last for so long until some changes had to be made. That time is now.
The cost of many items over the last year have skyrocketed. Gas prices are a dollar per-gallon higher now than this time last year. The cost of everyday essentials have also risen forcing Dollar Tree, and many other retail locations, to raise their prices.
KCEN reports that Fed Chair Jerome Powell told Congress that issues in the supply chain and rising labor costs have led to price increases. Dollar Tree said that the rise in shipping costs have hit their per-share profits this year.
Dollar Tree CEO Michael Witynski said in a prepared statement, “For decades, our customers have enjoyed the ‘thrill-of-the-hunt’ for value at one dollar - and we remain committed to that core proposition - but many are telling us that they also want a broader product assortment when they come to shop."
It's not all bed news as the rise in prices at Dollar Tree will give them the opportunity to bring in more product choices for consumers and it's not like they are going from one dollar to two dollars on everything. Many items will still be just $1 while other items may cost $1.25, $1.50 or even upwards of $5.
Whatever the case, you'll still be able to save some cash at Dollar Tree as opposed to shopping at Walmart or Target.