Costco isn’t the only one refusing to hike prices on a popular item — Arizona Iced Tea plans to keep its tall cans priced at just 99¢.
For decades, the popular tea company has offered their beverages at this price. Company Chairman and co-founder Don Vultaggio said the company is taking serious steps to keep the same price.
He said, “For as long as we can, we’re going to hold our price.”
A redesigned can lid is in the works to cut down on manufacturing costs. The company keeps costs down by relying on word-of-mouth advertising and selling bulk volume cheaply.
Inflation has caused many food items to increase in price dramatically. Grocery costs increased 13% in September compared to the same month a year earlier, according to the Consumer Price Index issued this week.
In an interview earlier this year, Vultaggio commented, “Everything (people are) buying today there’s a price increase on. We’re trying to hold the ground and hold for a consumer who is pinched on all fronts. I’ve been in business a long time and candidly I’ve never seen anything like what’s going on now. Every single thing has gone up, and I call it ‘from a paperclip to a too-big filling machine.’”