The fabric of our lives is about to get more expensive, according to a report by CNN.
Cotton prices have nearly doubled this year as a result of various global factors, including a drought in China that damaged crops and led the country to increase imports; flooding in Pakistan that has killed over 150,000 people and submerged millions of acres of farmland; and export restrictions by India. Consumers can expect to see retailers pass those costs along in the form of higher prices on jeans, T-shirts and other cotton products starting sometime after Christmas.
Pricier jeans aren’t the only side effect we should expect to see. Anderson Warlick, president and CEO of major yarn manufacturer Parkdale Mills, told CNN that cotton growers have already expanded their acreage and will likely plant more cotton if prices do not go down. Another expert predicts that the price squeeze may lead to increased production of poly-cotton blends.
The moral of the story: If you anticipate needing new jeans in the near future, or if you like your shirts 100% cotton, now is the time to buy.
Will you run to the store to get your jeans? Let us know in the comments section below.