Parents struggle to find baby formula amid widespread shortages and rationing

One of the most important products for new parents is in short supply. Baby formula, which three-quarters of babies in the U.S. receive within their first six months, is increasingly out of stock at retailers across the country.

The supply of formula is so constrained that retailers like Walgreens are even limiting how much consumers can purchase at one time. A spokesperson for the drugstore chain told CBS MoneyWatch it is limiting customers to three infant and toddler formula products per transaction, citing "increased demand and various supplier issues."

Supply-chain snarls related to COVID-19 are contributing to the shortage of formula around the U.S. Those include manufacturers having more difficulty procuring key ingredients, packaging hangups and labor shortages, with those factors combining to affect production and distribution. In addition, a major baby formula recall in January exacerbated shortages.