Cost Of Many Items Could Be Going Up In 2014
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(CBS) – Get ready to dig deeper into your pockets this year as prices are going up on a number of items. CBS 2′s Mary Kay Kleist shows you ten that’ll give you sticker shock this New Year.
You might want to book your next trip soon. The C.W.T travel forecast is reporting that costs are expected to climb, including airfares to most destinations, except Europe.
You definitely will pay more for stamps this year. First-class postage will increase by three cents, to 49 cents later this month.
If you’re a wine lover, you’ll pay more for that bottle of Bordeaux. Foul weather made for a dismal grape harvest in France. The United States’ recent clash with the Polar Vortex plays a part in why you can expect food prices overall to rise by about 3 percent, according to the USDA Consumer Price Index.
At the grocery store, the first place you might experience sticker shock is in the meat department. The US Dept of Agriculture says beef prices will go up between 3 and 6 percent due to bad weather, and pork prices could rise 2 or 3 percent because of a virus affecting pigs.
Breakfast will get more expensive. The price of one favorite, orange juice, is going up. That’s due to a fruit fungus in Florida affecting about half the trees in many orchards. Another staple, milk, will also cost you more.
“The increase is due to the increase demand in exporting the product, and also because of congress’ issues with passing tax subsidies for agriculture. So that created a perfect storm for milk prices to increase in 2014,” said Mark Locastro of dealnews.com. Right now milk costs about $4 a gallon. Expect that to go up between 10 and 20 cents per gallon within the next 3 months.
Home prices are on an upward trend. Clear Capitol is reporting that they could rise 3 to 5 percent. This is good or bad news, depending on whether you’re a seller or a buyer.
Car prices are also expected to go up. As the auto industry unveils new looks, that drives up prices.
And here’s your excuse to shop: it’ll cost you more to buy cotton clothing due to unfavorable crop conditions.