CHESAPEAKE, Va. (CNN) – It’s known for its $1 price tag for all products, but not anymore.
The bargain chain Dollar Tree is raising its prices for the first time in three decades, and surprisingly, it’s not due to inflation.
By the beginning of 2022, items will be $1.25.
Dollar Tree said the price hike will give them more flexibility to bring back customer favorites and also introduce new items.
The company also said the increase will help with freight and distribution costs as well as wage increases.
Dollar Tree has sold products for a buck for 35 years.
It was the last of the major dollar store chains to sell everything for a dollar.