Due to inflation and supply chain issues, Americans can expect numerous price changes in 2022. From groceries to clothes and furniture, here’s what will cost more:
House Prices
According to experts, this year, the prices of houses are expected to go up two to three times faster than in 2021. This comes as no surprise knowing that the median home prices have been increasing sharply since 2011.
Groceries
As a result of supply chain issues and labor problems, a lot of products will be 7% more expensive, such as meat, eggs, and milk. Moreover, both PepsiCo and Coca-Cola announced that the price of their products would also increase.
Clothing
According to one report, retail prices will be higher by 3.2%. Likewise, around 15% of fashion executives will most likely increase their prices by at least 10%.
Heating
Almost half of the American households that use natural gas for heating will spend about 30% more money to stay warm. Moreover, the price of propane is predicted to go up by a staggering 54% more, the cost of heating oil could go up by 43%.
Gas
Regarding the cost of gasoline, there was an increase of 58.1%.
Restaurants
Due to the pandemic, many restaurants had to raise their workers’ wages, resulting in higher menu prices.
Vehicles
The prices of new vehicles went up by 31.4% year over year.
Computers and Electronics
Due to chip shortages, the prices of video game consoles, computers, and TVs also went up.
Furniture
The cost of furniture is expected to increase by over 10% in 2022, as well.
Medical Care
Compared to 2020, health costs are up by 8.4%.
