Energy prices are leading prices higher, but apparel is gaining, too, and brands are courting customers awash in increases.
Russia is a key energy producer and the war — and the attendant sanctions by the West — have helped push prices much higher. Gasoline prices are up 48 percent from a year ago while fuel oil is up 70 percent. in a number of ways. Brands and retailers are paying to bring goods into the country and to consumers, just as shoppers find themselves awash in rising prices.
Lamar pointed to the tariffs on China that were first imposed by President Donald Trump, but have lingered and are raising costs and prices for industries, like fashion, that produce goods there. Through the end of March, the additional tariffs on China have amounted to $132 million and more than $55 billion of that has been collected during Biden’s presidency.
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