Products That Are Super Expensive Due To Inflation
The pandemic and global conflicts have resulted in supply shortages, spanning a wide variety of products from computer chips to diapers. What's more, the Consumer Price Index (CPI), used by the government to measure inflation, skyrocketed by 8.5%, according to AARP. With the prices of common household items increasing across the board, let's look at some of the most affected items you might want to reconsider purchasing too frequently.
After hearing this latest news, you may want to hold off on any vacation plans. As of June 10, the year-on-year price of air tickets surged by 37.8%! With so many people itching to travel after a prolonged pandemic lockdown, demand for air travel is through the roof. But while airlines are aiming to make the most of this demand surge, they're battling the rising price of jet fuel and labor. So, if your next holiday destination is within driving distance, you may want to hit the freeway instead.
That's right — you heard correctly! While once viewed as one of the most basic and plentiful fruits around, oranges are no longer so affordable. In 2021, the cost of a 3lb bag of oranges averaged $4.70. But in 2022, prices rose to $5.48, marking a 14.3% increase. In the meantime, perhaps it's best to stick to apples!
With inflation hitting its highest rate in 40 years, it's not only affecting products in stores. Even basic utilities are becoming less affordable, with the price of electricity rising by 12%. To keep your electric bill low, be sure to turn off unnecessary lights and only charge devices when absolutely necessary.
If you're one of the millions of Americans who drive, unfortunately, gas is an unavoidable expense. Considering Russia is one of the world's largest gas producers, the ban on Russian oil has seen prices skyrocket to an average of $5 per gallon for unleaded fuel. Not only is this the highest average price recorded in American history, but it's also a sharp increase from the $3 price of the year before.