We've all noticed it: everything seems to be getting more expensive. Whether grocery shopping or filling up your car, prices are soaring. But have you seen this trend goes beyond the basics?
Some items, once considered ordinary, have now become seriously pricey. In this blog post, we'll explore 11 essential things that have seen their costs skyrocket recently.
We're not talking about luxury goods or rare collectibles – these everyday items have suddenly become a significant drain on our wallets. So, let's dive in and see what's costing us more than we ever imagined.
1. Fast Foods
Fast food prices have been rising for several reasons. Firstly, the cost of ingredients has increased due to inflation and supply chain disruptions.
Secondly, labor costs have increased as many fast-food chains are raising wages to attract and retain workers in a competitive job market.
Finally, operational costs, like rent and utilities, continue to rise. These factors combined have led to higher menu prices as restaurants strive to maintain profit margins while grappling with these increased expenses.
2. Pizza
Remember back in the days when you could get a pizza for just a few dollars? Now, prices of pizza have gone up significantly.
This is primarily due to the same factors that have affected fast food. Rising ingredients, labor, and operations costs have resulted in higher menu prices for your favorite slices of cheesy goodness.
Not only this, but the delivery cost has also increased due to demand, especially with more people staying home during the pandemic.
3. Cable TV Subscriptions, Movie Tickets, and Subscription Packs
Who thought the entertainment was going to be so expensive? Cable TV subscriptions, movie tickets, and subscription packs have all seen a price surge in recent years.
Regarding movie theaters, the higher cost is due to increased screening costs and decreased ticket sales due to streaming services. Even the snacks are more expensive now – a large popcorn can easily cost you $10!
Cable TV subscriptions have also become pricier due to the introduction of high-definition channels, as well as the rising costs of licensing.
Meanwhile, subscription packs for streaming services such as Netflix and Amazon Prime are getting more costly, too, due to their growing content library and increased number of subscribers.
4. Gasoline
There are multiple reasons why gasoline prices have risen in recent years. The cost of crude oil, the primary raw material used to make gasoline, has been upward since 2015.
In addition, there has been increased taxes imposed by national and state governments on fuel. Plus, more people are now driving cars with larger engines that use more gasoline than ever.
In addition, governments are pushing electric vehicles, so they are increasing the gasoline price knowingly so people can switch to electric cars.
5. Groceries
Grocery prices are rising due to a combination of factors. Disruptions in the supply chain caused by the pandemic continue to impact food prices. Additional factors like the war in Ukraine and sanctions on Russia have global implications for food costs.
Domestic issues such as extreme weather conditions, smaller livestock herds due to financial struggles, and increasing transportation costs also contribute to the rise in grocery prices.
Furthermore, inflation and higher household incomes have created a perfect storm, driving up the costs of everyday food items.
6. Electricity Bills
Before you know it, your electricity bill is rising faster than you can keep up with.
The cost of electricity has increased substantially in recent years due to high demand from the proliferation of electronic gadgets and appliances and the costs associated with maintaining and upgrading power grids.
The pandemic has also impacted electricity prices, as people are using more devices at home and spending more time indoors. With all these factors at play, our electricity bills continue to rise.
7. Rent or Housing Costs
It has been a while since people have paid rent or a mortgage that felt affordable. With the housing market booming, rents and mortgage payments have skyrocketed nationwide.
Moreover, millennials are increasingly looking to buy homes as they reach their thirties or forties, putting pressure on the market and driving up home prices.
On top of this, there's also a shortage of homes for sale, as insufficient construction is happening to meet the demands. All of these factors have resulted in sky-high housing costs that are stretching our wallets thin.
8. Health Insurance
As healthcare and medicine prices are increasing, so do health insurance premiums.
Healthcare and medicine prices have been rising over the years due to several factors, including an aging population that requires more medical care, the cost of new treatments and technology, and consolidation among healthcare providers.
The good news is that subsidies are available for qualified people, which can help reduce monthly costs. However, without assistance, it's becoming increasingly difficult for many people to afford health insurance.
9. College Tuition Fees
These days students have to pay hundreds of thousands of dollars to get a simple college degree. The cost of college tuition is rising alarmingly due to various factors.
From increasing salaries for college faculty and staff to rising costs in construction and maintenance to the need for more financial aid – all these contribute to higher tuition fees.
It's only a matter of time before college tuition fees become utterly unaffordable for the average family.
10. Childcare
The cost of childcare is increasing due to rising minimum wages for childcare workers, increased demand for daycare services, and higher operating costs.
It's getting harder and harder for families to afford quality childcare in this economy, especially when both parents have to work to make ends meet.
This is why many parents are looking for creative solutions such as nanny sharing or hiring au pairs to help reduce childcare costs.
11. Internet Plans
As new technologies like 5g, fiber optics, and satellite internet become more prevalent, internet plan costs have also increased.
A lot of this can be attributed to the monopoly certain companies have on certain parts of the market. On top of that, upgrades are constantly needed to keep up with consumer demand for faster speeds and more significant data transfers.
So while the convenience of the internet at home is excellent, it often comes with a hefty price tag.
12. Cereal
And lastly, we have cereal. What was once considered cheap breakfast food has now become quite expensive.
The increase in the prices of cereals is due to rising costs of ingredients such as wheat, corn, and oats, as well as higher production costs for processing and packaging.
On top of that, there's also the fact that companies have been introducing more premium varieties with premium price tags. All these factors are making cereal an increasingly expensive breakfast option.
The Cost of Living Keeps Rising
As the cost of living continues to rise, keeping tabs on our monthly expenses to stay within our budget and get the most value for our money is essential. We can still enjoy life despite these increasing costs with proper financial planning. All you need is a budget and a little discipline to ensure you stay on track. Good luck!
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I’m Steve. I’m an English Teacher, traveler, and an avid outdoorsman. If you’d like to comment, ask a question, or simply say hi, leave me a message here, on Twitter (@thefrugalexpat1). Many of my posts have been written to help those in their journey to financial independence. I am on my journey, and as I learn more I hope to share more. And as always, thanks for reading The Frugal Expat.
