Popular discount store Dollar Tree said it will raise prices from $1 to $1.25 for most of its products beginning in 2022 to keep up with rising costs as the country faces the highest inflation in 31 years. In a quarterly earnings report released on Tuesday, the company announced that the famous $1 price point was limiting the variety of products it could offer customers at stores, forcing it hike prices to expand its inventory. 'The $1.25 price point, which will apply to a majority of Dollar Tree's assortment, will enhance the company's ability to materially expand its offerings, introduce new products and sizes, and provide families with more of their daily essentials,' the company said. Popular discount store Dollar Tree said that it will raise prices from $1 to $1.25 for most of its products beginning in 2022 Dollar Tree said that the famous $1 price point was limiting the variety of products it could offer customers at stores and that they would raise it a quarter General Mills notified retail customers that it would be raising prices up to 20 percent on hundred of items across dozens of brands in mid-January including Cheerios cereal The popular discount store carries a wide variety of products, including houseware, cleaning supplies, snacks, party supplies and décor among other goods. '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,' CEO Michael Witynski said in a statement. The company's stock price didn't seem to be hurt by the announcement, jumping nearly 10 percent to 144.90 . The company said a survey revealed that 91 percent of customers said they would continue to shop at the discount store at the same rate even with the increased bottom-line price. Dollar Tree's need to raise prices comes as inflation soared 6.2 percent, its highest point since November 1990, which has led to increases in the cost of essentials for Americans such as food, gas, furniture, cars and other staples. Dollar Tree's stock price didn't seem to be hurt by the announcement, jumping nearly 10 percent to 144.90 In a quarterly earnings report released on Tuesday Dollar Tree said they would be raising the $1 price point The Consumer Price Index rose 6.2 percent in October 2021 from one year prior - the highest it has been since 1990 The Consumer Price Index shows a rise in prices in every category from used cars, laundry equipment, furniture to food Over the last year the price of meat has risen, with ground beef up 18.8% in October 2021 President Joe Biden has blamed the increase in the cost of living on 'market manipulation' and rising gas prices, despite the nation's top economists pointing to the country's supply-chain shortages and businesses struggling to meet the demand from COVID shutdowns as the reason for the rise in prices. On Tuesday, Biden authorized the release of 50 million barrels of oil from the Strategic Petroleum Reserve in a bid to lower soaring prices at the pumps as the average cost of gasoline recently breached a seven-year high, reaching $3.409 per gallon. The supply chain crisis also means that shoppers can expect to pay more for their Thanksgiving feast this year, including turkey. This year, a frozen 15-pound turkey will cost around $21.50, up 27 percent from last year’s $16.95 price tag. General Mills also notified retail customers that it would be raising prices on hundreds of items across dozens of brands in mid-January, CNN reported. Items going up in price include Progresso soups, Yoplait yogurt and popular cereals like Cheerios, Cinnamon Toast Crunch and Lucky Charms. Prices for some items are expected to rise up to 20 percent, a hike one wholesaler told CNN will be passed down to shoppers. This ties in with an overall price hike in household goods since the pandemic. Heather Garlich, of the Food Industry Association, said shoppers can expect to see short-term rise in costs for grocery items for the next several months due to supply chain-related inflation and heightened demand. ‘Grocers historically operate on slim 2% profit margins, and they are doing everything possible to avoid passing inflationary production costs onto shoppers,’ Garlich had told DailyMail.com. ‘Also, competition in the grocery sector is fierce, and the battle for market share helps keep prices down for shoppers.’ ‘The combination of all these challenges will continue to be disruptive and will create an uneven supply chain recovery, likely into 2022,’ she added. ‘But we ask that shoppers hold on as we continue to recalibrate. While we maintain resiliency in our global grocery supply chain, more time is needed to reach a new equilibrium.’ All rights reserved for this news site (dailymail) and under his responsibility