Iran war pushes companies to raise prices on beer, paint and fries

Investing.com -- The closure of the Strait of Hormuz during the Iran war is prompting companies to raise prices on products including beer, paint, french fries and packaging as commodity and transport costs climb, the Wall Street Journal reported. Sherwin-Williams plans to increase prices by 8% from September 1 to offset higher costs for oil-linked materials. International Paper, Smurfit WestRock PLC (NYSE:SW) and Packaging Corporation of America (NYSE:PKG) announced price increases in July. The higher prices have supported shares of several manufacturers and consumer-goods companies, but their combined effect could add pressure on household budgets and keep interest rates elevated. Related articlesIran war pushes companies to raise prices on beer, paint and friesTreasury sell-off shows Fed must reinforce inflation credibility, Musalem saysAustralia defends under-16 social media ban despite widespread use