You may have already noticed 2017 is the beginning of some major price hikes. A lot of the stuff we depend on every day like some types of food are going up and even staying at home will cost you more money because rent is on the rise.
Here are the Top 7 things that will cost more this year.
We’re not just talking milk. The cheese surplus that kept down prices last year is over, and then there’s this:
“In general, dairy has become more expensive. Part of this is the popularity of Greek yogurt. That has just exploded out of nowhere and it is taking up huge amounts of the dairy produced in America,” said Benjamin Glaser with DealNews, a company that tracks prices.
6: Olive Oil
Pests and bad weather cut olive oil production in half in Italy, the biggest exporter.
The US Energy Information Administrations expects Natural Gas to rise sharply this year. Electricity prices will see a slight increase. And the Oil Price Information Service predicts a gallon of gas will jump 30-40 cents this year.
4: Luggage Fees
More airlines are charging for what you take on board.
“They’re not including even carry-on bags in the price of a ticket, sometimes. So you just have to be aware, if you find a super unbelievably low price, double check to see if you can bring on a carry-on bag included.” said Glaser.
3: Big Cars
Kelley Blue Book says consumers are flocking to SUVs and trucks and that’s expected to raise the price by as much as 3%.
2: Dining Out
Restaurants have been hit with a spike in food prices ranging from poultry to citrus, plus rent costs are going up and so is labor. The trifecta means you’ll likely pay more for a meal.
1: Prescription Drugs
“Out of all the increases, one that can really hit the hardest for a lot of homes is prescription drugs this year. Certain analysts are anticipating over 18% increase on name-brand drugs,” said Glaser.
IT’S NOT ALL BAD
There are some things that are actually expected to drop in price. Some kitchen staples like eggs, beef and pork are expected to drop. And avocado lovers rejoice. Those prices are on the decline, too (after a growers strike came to an end).
Whole Foods Groceries are set to launch a rewards program across all stores that includes 10% of your first purchase as a rewards member and a one-time 15% off the department of your choice.
Also, for all you travelers, while luggage may rise, flights overall should fall, especially basic economy seats on major airlines. American Express’s Global Business Travel Forecast 2017 says economy fares are set to drop by “3% for short trips and 1% for longer trips.”