The prices of groceries, gasoline and everything are going up. here’s why
A slow transition to post-pandemic life has meant a rapid return to pre-COVID prices on everything from gasoline to groceries.
HOUSTON – From gasoline to the grocery store, it looks like everything is going to climb this year. Even if you are frugal with your money, whether you need to eat or drive, these price hikes will have an impact on you.
Filling up the car here can cost you double what you paid for last summer. In fact, gas is now $ 3 in many areas and up to $ 4 in California. However, Business Insider advises you to prepare your portfolio.
As Americans spend those stimulus checks, kick off home improvement projects, and travel again, here are some of the price spikes we’re already seeing.
Housing market prices soar
If you are planning to build a house this year, you might want to consider that house prices have gone up 20% this year.
Most experts point to timber prices, which have doubled due to soaring demand. In fact, the National Association of Home Builders recently reported that lumber expenses added an average of $ 24,000 to the cost of a new home.
And many home builders say it’s nearly impossible to build a home for less than $ 150,000 in materials.
When will this end? The builders group is hoping lumber prices slow this fall as supply rebalances, but the price of that wipe with toilet paper is unlikely to drop.
RELATED: Are 3D Printed Homes The Answer To Soaring Real Estate Prices?
Airfare, car rental prices skyrocket due to impatient travelers
Enthusiastic travelers trying to book vacations after pandemic find out Rental cars are hard to find, and when you do, it can be expensive. When the pandemic hit, car rental companies were hit hard, according to reports. To make up the difference, they sold cars.
Daily rates for car rentals climb to $ 200 per day at some vacation spots.
RELATED: Why Your Rental Car May Cost More Than Your Plane Ticket On Your Next Vacation
It also doesn’t help that new cars are scarce.
New cars are also scarce as automakers face a shortage of semiconductor chips. Therefore, the big rental companies are trying to mix their existing offering to get cars where travelers need them.
Rather looking to fly in the air? The same is true for millions of other travelers, and as demand increases, so do the price of tickets. Airfares are on the rise, with last year’s $ 39 flights long gone.
Higher mark-up in the grocery store aisle
No, it’s not your imagination or a case of buying too much food, all groceries go up in price.
In fact, prices rose more than half a percent in March, according to the government’s consumer price index. Analysts say that could point to a 6% rise this year after jumping nearly 4% last year.
Business Insider reports that the cost of soda and coffee is on the rise. Not to mention that last year’s price increases for chicken and pork have never come down.
Both P&G and Kimberly Clark have announced price increases on diapers, as well as many paper products like paper towels!
RELATED: Grocery Prices Rising Across The Country – Here’s What Is Cause
What all of this means is that these pandemic price breaks, with everyone locked up at home, are just a memory.
With so much pent-up demand compared to last year and so many products in short supply, most consumer analysts say they don’t expect a break anytime soon.