We'll pay more for diapers, toilet paper, bleach and cat litter this year

After already hiking prices last year to offset higher commodity costs and boost profits, consumers will pay more for things diapers, toilet paper, bleach and cat litter this year.

Trends Research Institute director Gerald Celente said the input costs, like packaging, on commodities is going up and that's reflected in the pricing.

"We have raised the prices because the cost of raw materials is going up, transportation costs are going up, labor costs are going up and we need to make more money because our profits are down," said Celente.

He said for years, prices have been lowered prices in an effort to compete, but have lost sales volume.

Celente says you're going to see more price increases across the board, but each varies according to supply and demand.

"Couple of reasons, number one is higher commodity costs and number two, profits are down and they need to boost them," said Celente.

He said inflation numbers are much higher than what the government reports because the way it's reported has changed.

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