Price Increase for Household Products Coming Soon

The Wall Street Journal says major companies like Clorox, General Mills, and Whirlpool warn that we will soon see price hikes on things like trash bags, breakfast cereal, and household appliances.

The returning demand for goods, production delays, and supply issues with items like computer chips have companies raising prices on goods.

Even things like used vehicles have seen a price increase, with a 10% price jump in April. Rising lumber prices have caused home prices to hike by nearly 12% over the last year, too.

Despite rising costs, the Federal Reserve hasn't made any moves regarding inflation. But one Wharton Professor told CNBC "I'm predicting here that over the next two, three years we could easily have 20% inflation."