It All Adds Up, Especially for Your Wallet
If you thought the cost of living was expensive in 2011, brace your wallet for more price hikes in 2012. From airfare to tap water, nothing seems to be safe from the wrath of rising costs. We break down what consumers can expect to be more expensive this year, according to dealnews.
Greater demand and less capacity is expected to send airfare prices soaring this year. Some surveys and data expect ticket prices to increase between 3% and 10% worldwide.
According to the USDA, a number of macroeconomic factors such as the weather, rising fuel and commodity prices, and the value of the U.S. dollar will send food prices up this year. The Consumer Price Index for all food is projected to increase 2.5% to 3.5% from 2011 levels. Even though food price inflation is expected to be slightly less than a year before, it will remain a nudge above the historical average for the past two decades.
Mobile Data Plans
As carriers move away from unlimited plans to build up 4G and LTE services, data plans will become more expensive this year, predicts dealnews.
Residents should brace for an increase in city-imposed fees like parking rates and vehicle registration fees. In an attempt to close ever-growing budget deficits, municipalities across the nation will be increasing these already-frustrating fees.
Consumers will likely face increases in their water rates this year, as cities and states look to balance their budgets. According to dealnews, residents in the greater Chicago area will see an increase of as much as 25% this year.
Surprised? The EIA projects regular gasoline prices will average $3.45 per gallon in 2012, a six-cent increase from its average $3.38 per gallon price in November 2011.
Expect shipping to cost you an additional 4% in 2012. FedEx, UPS and U.S. Postal Service are expected to increase prices in 2012, according to dealnews.
Integration of touchscreen monitors will send the average selling price of desktop computers soaring 30% higher this year, predicts dealnews.
Don't expect your wallet to catch a break this year. Here are eight everyday items that consumers can expect to pay more for this year.