This trip to Dollar Tree is going to cost you a quarter more.
The retailer said it has started raising prices to $ 1.25 for many of its in-store items.
In a statement on Tuesday, Dollar Tree said the move was not “a reaction to short-term or transient market conditions.”
“The lifting of the dollar constraint represents a monumental milestone for our organization and we are excited to significantly improve the experience for our buyers and create value for our stakeholders,” said Dollar Tree President and CEO Michael Witynski said in a statement.
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The adjustment comes as Americans continue to grapple with the impact of inflation, which has peaked in 31 years. Strong consumer demand and labor shortages are among the reasons for the rise in prices.
Dollar Tree said the move to a $ 1.25 price would allow them to introduce new products and bring back previous products that were discontinued due to the $ 1 price constraint.
In September, Dollar Tree announced that it was testing products with prices above $ 1, as well as Dollar Tree Plus stores with prices of $ 3 and $ 5.
Dollar Tree said the results of these tests were “extremely positive”.
The company has more than 15,800 Dollar Tree, Family Dollar and Dollar Tree Canada stores in 48 states and five Canadian provinces.
Dollar Tree said the price change will be applied to all stores by the end of the fiscal first quarter of 2022.
Mike Snider contributed to this report. Follow Brett Molina on Twitter: @ brettmolina23.