Nick Dmitrovich
The prices of everything have been inching up lately due to things like low unemployment, increased demand, creeping inflation, and other factors. A report this week from CNNMoney contained an interesting breakdown of just how much prices are going up for things this year compared to last spring. Here’s a fast look:
- Prices for just about everything rose 1.9% in March compared to a year ago due to inflation.
- Consumer prices are up about 2.1% from a year ago.
- Suppliers prices are up about 2.6%.
- 30-year fixed mortgage rates have reached a seven-year high above 4.6%.
- Many companies are increasing prices to combat inflation. Examples include Deere, McDonald’s, Chipotle, Amazon, Netflix, Tyson Foods, Black & Decker, and others.
- Oil prices are the highest they’ve been in three years. Currently a gallon of gas costs about 24% more than it did this time last year.
- Because of the increase in oil prices, many other industries will be raising prices. Examples include the paint, chemical, transportation, airline, plastics, consumer goods, and other industries.
- Shipping costs are significantly on the rise due to increased demand for drivers and higher operating costs.
- Steel and aluminum prices are rising, affecting numerous industries.
Sources: CNNMoney, Federal Reserve, Freddie Mac, et al.
