Rising commodities costs hit Americans at home and on road

The government said Wednesday that consumer prices surged 0.8% in April from March, while the year-over-year rise was the fastest since 2008.

Consumers have been warned: Cheerios maker General Mills is considering raising prices on its products as grain, sugar and other ingredients become more expensive.

Soda giant Coca-Cola has said it expects to raise prices to offset higher costs.

Procter & Gamble is raising prices for baby, feminine and adult care products.

The price of corn is up 57% in 2021 and has more than doubled in the past year, while soybean prices are up more than 25% since Jan.

On an earnings call with investors, chicken producer Tyson Foods said feed ingredients last quarter were $135 million higher than the same quarter last year.

Homebuilders are racing to capitalize on the strong demand, but that’s stoking inflation in building materials like lumber, which is up more than fourfold from a year ago, according to FactSet.

While building materials prices always fluctuate, the volatility has been heightened over the past year as the pandemic led to factory closures, a shortage of truckers and other logistical issues that made the supply chain unpredictable.

The price of oil is at $66.40 a barrel, the highest since 2018; more people are driving as the economy recovers from the worst of the pandemic; and some areas of the country are seeing prices rise due to the shutdown of a major pipeline.