Major retailers like Walmart, Target, and Best Buy confirmed some tariff-driven increases are already in effect|Nicholas Eckhart|CC BY-NC-SA 2.0

The US companies are warning consumers to brace for higher prices. Hormel Foods, JM Smucker, and Ace Hardware said they are raising prices due to climbing meat costs and new tariffs.

Major retailers like Walmart, Target, and Best Buy confirmed some tariff-driven increases are already in effect, with more expected in the coming months.

Retailers pass costs to shoppers
Best Buy’s CEO said vendors are passing along costs, though at levels below tariff rates. 

Walmart’s chief added that replenishing inventory at higher costs is pushing prices steadily upward, especially hitting middle- and lower-income shoppers.

Food prices are rising sharply. Ground beef reached a record high in July, up more than 11% from last year, while bacon bellies soared nearly 30%. Vegetables jumped 16% due to poor weather.

For inflation-weary consumers, the message is clear: groceries, household goods, and even fast food are set to become more expensive.