These Prices Are Expected to Rise This Year
While it is true that inflation seems to have been declining since its peak in June, some things seem set to continue to rise in value this year. To begin with, it is useful to know what is really meant when experts say that ” inflation is slowing down.” “The 6.5% inflation figure you see in the headlines is the average price of goods and services used to measure the cost of living for most people. This means that the prices of some goods will rise while the prices of others are expected to fall in 2023 .
Here are some things that, according to experts, will rise in price this year, and some have already risen in price.
According to the US Postal Service, the Postal Service’s notice of price increases due to inflation is pending approval by the Postal Regulatory Commission before they go into effect on January 22, 2023. If so, expect a price increase from the USPS ; if you run out of stamps, you should buy them soon.
Eating and eating out
The USDA forecasts that all food prices will increase by 3.5-4.5%, with the prices of food sold at home rising by 3-4% and the prices of eating out by 4%. -five%. According to a ZME Science article , one of the reasons for the rise in food prices, in addition to making the food industry more expensive due to inflation, is the rise in fertilizer prices around the world due to the Russian invasion of Ukraine. They even proclaim the “end of cheap food” as we know it.
According to Fortune, one particular set of foods that are already seeing big price increases are proteins, especially eggs, which have been particularly hard hit by the bird flu outbreak .
Another place where you can feel the bite of the food department in 2023 is Costco. Their chief financial officer has announced an imminent increase in membership costs this year , according to Yahoo. Membership prices have not increased since their last jump in 2017.
Disney World has already raised prices for 2023 , including for single-day tickets, multi-day tickets, and annual ticket renewals. Ticket prices vary depending on demand and which park you’re visiting, but CNN reports that three of the four theme parks are already more expensive to visit, with Magic Kingdom and Disney’s Hollywood Studios seeing increases of more than 12%. .
But park tickets aren’t the only items to buy on hikes in 2023: food, housing, parking, and other things are also on the rise. For more details on what to expect from Disney World in 2023, check out this post on the Disney Food Blog .
HBO Max will team up with Discovery+ this spring, and prices are expected to rise along with the partnership.
“By 2023, HBO Max will not raise prices since launch. So, three years have passed since the price change. What we see as an opportunity, especially in this environment,” said JB Perrette, President and CEO of Global Streaming and Games, in a TechCrunch+ article .
HBO Max has been $14.99 a month since it launched in 2020, but that could end sooner rather than later.
According to a report by Insurify , a virtual insurance agent, car insurance increased 9% in 2022 and is projected to increase another 7% in 2023. According to the report, we are expected to pay 16% more for car insurance by the end of 2023. That’s roughly $1,900 for the average American in 2023. According to the company, the increase in prices is due to an increase in the number of people driving on the roads, more serious accidents, an increase in natural disasters such as wildfires and hurricanes, and the impact of inflation on car repairs. and medical expenses.
Health insurance premiums
Health insurance premiums will increase in 36 states , according to data published by Value Penguin, a personal finance analysis and research website. This is specifically for private plans under the Healthcare Marketplace , the federal health insurance marketplace under the Affordable Care Act. According to the report, the top five most expensive states to purchase health insurance in 2023 will be Wyoming, West Virginia, Alaska, South Dakota and New York, in that order.