Your Budget Over a Decade
The Labor Department reports that in 2002, $20 had the same buying power as $25.55 in 2012. From the dairy farm to the electric grid, we break down how buying power has changed over the last decade.
Gallon of Milk
According to the California Department of Food and Agriculture, in 2008 it cost between $1.96 and $2.35 for processors to produce a gallon of store-ready milk. Despite low-production costs, consumers shelled out an average $3.43 per gallon in May. Ten years ago we paid about $2.78.
A Dozen Eggs
Millions of hens are able to produce billions of eggs per year, cheaply, for this national commodity. Farmpolicy.com reports the total cost to produce a dozen eggs was about 75 cents in 2008. Ten years ago eggs set you back 0.97 per dozen compared to $1.69 in 2012.
Electricity (per KWH)
Ten years ago it would cost a measly 9 cents per kilowatt compared to in 13 cents May 2012. Seems like a small amount but to put things into perspective, if you were to run a 100 watt light bulb for 8 hours, it would cost you about $10.40 per bulb.
Drinking a glass of wine could help you relax, but the price has increased nearly $2.55 in the past decade. In May 2002, red or white table wine set you back about $6.33 a liter compared to $8.85 this year.
We are a caffeinated society, and it’s a costly habit. According to the Labor Department consumers pay around $5.60 per pound of coffee a substantial increase from the $3 per pound in 2002.
According to Nationalpeanutbutterboard.org, Americans consume on average more than 1.5 billion pounds of peanut butter and peanut products each year. The Labor Department reported that the average cost of a pound of peanut butter increased to $2.79 in May, up from $1.98 per pound in 2002.
It's getting expensive to satiate your sweet tooth. The Labor Department reported consumers paid an average price of $5.05 per-half gallon this year as opposed to $3.80 10 years ago.
Gas prices have been pretty tame so far this summer, but filling up your tank is still costly. Americans shelled out an average $3.79 per gallon of regular unleaded gas this year, a substantial increase from the $1.42 a gallon price tag 10 years ago. Filling up a 12-gallon tank twice a week can set you back more than $4,700 a year, as opposed to about $1,770 a year 10 years ago.
Hamburger lovers beware, ground beef prices have jumped about $1.38 a pound over the past 10 years, according to the Labor Department. In May, consumers dished out $3.69 per pound of ground beef.
From the cost to satisfy our sweet tooth, to utility bills, prices for everyday products have been steadily on the rise and taking a big bite out of consumers’ wallets.