Dollar Tree is increasing its product offerings and not sticking to the $1 price tag the Chesapeake, Virginia retailer is known for.

The move to offer higher-priced items comes as inflation is driving up costs of everyday consumer items and, according to the CEO, is in response to customers' wants, according to a WRAL report.

"For decades, our customers have enjoyed the 'thrill-of-the-hunt' for value at one dollar — and we remain committed to that core proposition — but many are telling us that they also want a broader product assortment when they come to shop," CEO Michael Witynski said a prepared statement, according to the news report.

Annual inflation in the U.S. hit 4.2% this summer, the highest in 30 years, according to the news report.

The retailer is already testing out higher cost items at a few hundred of its 8,000 stores under a merchandise banner of "Dollar Tree Plus."

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