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Inflation is finally slowing and the Federal Reserve is expected to opt for a smaller rate hike this week, but certain commodities continue to soar.
According to the US government’s latest Consumer Price Index (CPI) report, inflation has been 6.5% over the past year. This number has fallen for the third month in a row, but remains high by historical levels. And about 15% of Americans still believe inflation is the biggest problem facing the country.
While not all due to inflation, high prices for essentials such as food and fuel remain frustrating and on the back of their minds. Here are the 6 things that went up:
groceries
Food prices have risen 11.8% over the past year, outpacing overall inflation, according to the Consumer Price Index’s “household food” index.
In particular, the cost of eggs soared by 59.9%. This is partly because an outbreak of bird flu has forced farms to cull chickens.
A crop failure in California’s Salinas Valley led to lettuce shortages and a 24.9% rise in vegetable prices. Warmer weather has increased levels of plant disease, according to the Central California Producers and Shippers Association. Shortages reached enough to implement “temporary lettuce portion cuts”.
Grocery stores saw double-digit price increases for butter (31.4% price increase from 2021) and flour (23.4%) Shoppers are also paying more for: will notice. , bread (15.9%), roasted coffee (15.5%), cereals (13%), potatoes (12.9%).
Food prices could continue to rise rapidly in 2023. Researchers at the US Department of Agriculture predict that household food prices will rise 8% this year.
gas
The average price of gasoline rose to $3.49 a gallon, up 44 cents from the recent low of $3.05 at the end of December, according to price-comparison app GasBuddy. The higher price comes after last month’s winter weather impacted refineries and as China’s post-pandemic reopening put upward pressure on oil prices.
Jet fuel prices have also skyrocketed since December, making it unsuitable for the spring travel season. Airfares are now up 28.5% over the past year, according to CPI.
car
According to the Kelley Blue Book, the average selling price of a new car hit a record high of $49,507 in December after rising about $2,300 over the past year and more than $10,500 over the past three years.
Used car prices soared during the pandemic, but have fallen 8.8% over the past year, according to CPI data.
Other costs associated with car ownership are also becoming more expensive. Auto repair costs have increased he 19.5% year-over-year, and auto insurance prices have increased he 14.2%.
streaming
In recent months, many major streaming services have increased their prices.
HBO Max increased the price of its ad-free plan from $14.99 to $15.99 in December, and its ad-free Disney+ subscription from $7.99 to $10.99. Apple increased the monthly price of its Apple TV+ subscription from $4.99 to $6.99 in October.
Sharing your Netflix password with friends, family, or ex-boyfriends can start to strain your wallet. Management has announced its intention to crack down on password sharing by the end of March, saying such widespread practice “will undermine our long-term ability to invest in and improve Netflix and build our business.” said.
beer
Cracking open cold things is getting more and more expensive. The price consumers pay for beer in stores has been on the rise since his September, and per CPI, he has risen 8.6% over the past year.
According to a report by the Central Oregon Daily News, industry experts believe the 2021 barley crop failure triggered the trend, which led to higher malt prices and higher canning costs.
health care
According to Gallup research, in 2022, a record percentage of Americans will delay treatment because of high medical costs. Nearly 4 in 10 say they or a family member skipped treatment in the last year because of cost.
According to the CPI report, health insurance prices have risen 7.9% over the past year, while medical services have risen 4.1%. In the latter category, prices for dental services rose at an even higher rate of 6.4%.
Details from money:
Inflation no longer the biggest problem facing the country: poll
Gas prices are above $3 in all 50 states
Record percentage of families delayed treatment last year because healthcare costs were too high
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