Exploring the Impact of Rising Prices
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Presently, the rate of inflation is running at the highest level in almost 40 years thereby prompting a hike in prices for various consumer goods. The cost of everyday needs like food and transportation has gone up as well as leisure services such as hotels and flights
Nonetheless, inflation may seem to be decreasing because Consumer Price Index rose by 0.3% in April vis-à-vis 1.2% in March; nevertheless, customers still experience far higher expenses than before.
According to Consumer Reports, recent inflation rates have been close to four-decade highs. Do you want to know which products are hit hardest by inflation? Below is an overview of twelve major products:
Hotel Rooms
Looking for a holiday spot? Get ready to pay more particularly in resorts where the prices rose by up to 34% since 2019.
Used Cars
The second-hand car market has experienced a significant price jump with prices increasing by about 23% between April last year and this year due in part to the global chip shortage affecting new automobile production.
Cereal and Bakery Products
This year has seen grocery bills rise considerably with cereal products and bread bases becoming nearly 10% more expensive.
Gasoline
Fuel costs have risen dramatically; from April last year they went up over 43%, affecting many people’s travel plans.
Airfare
Over the past year flight fares have skyrocketed with an increase of nearly one third (32.5%), representing the largest yearly increase since 1980.
Meats, Poultry, Fish, and Eggs
This category saw its prices go up by almost fourteen percent (14%) with eggs going up approximately twenty three percent (23%).
Furniture
It will now cost you more if you decide to give your home’s interior design a facelift because furniture prices have gone up fifteen percent (15%) since last April.
New Cars
The price of new cars has increased by about fourteen percent (14%) due to global chip shortages.
Dairy Products
Overall, dairy products have gone up by nine percent (9%), with milk prices rising nearly fifteen percent.
Major Appliances
Price increases of around twelve percent (12%) for major appliances were a result of inflation, supply chain bottlenecks and delivery delays.
Car and Truck Rental
The cost of renting a car has increased by approximately ten percent (10%) because demand is outstripping supply.
Fruit and Vegetable
While less severe than in other categories, year-over-year price hike for fruits and vegetables is about eight percent with citrus fruit seeing some significant increase due to both inflation and scarcity.
These hikes in the prices of various goods are indicative of the struggles faced today’s customers in the economy.
Associate Writer • Social Media and Cultural Trends Writer
Sebastian creates compelling posts, topics, and reviews of social media and cultural trends to help readers on what’s in and what’s out.
