These Everyday Grocery Store Items Are Reportedly About to Get More Expensive
Signs point to inflation on several products in the coming months.
With pandemic conditions slowly improving and warmer weather creeping in, financial experts say that the US economy is on the verge of booming. Unfortunately, an analysis from Forbes predicts that business might soon be too good, causing the prices of several household items to inflate, ultimately hurting people's wallets.
There are several reasons that COVID-19 has impacted prices and may continue to drive them skyward in the coming months. First, there are a handful of supply chain disruptions, like the shipping backlog on the West Coast that's made it hard to receive international imports. There's also the ongoing battle between supply and demand that's put a high price on everything from toilet paper to cleaning supplies to Mason jars to Grape Nuts throughout the past year's pandemic. Finally, because businesses are anticipating an economic boom, some will look to capitalize on their gains and raise prices in tandem.
To make the long story short: Prices as we know them are about to shift, and we should kiss our pre-pandemic understanding of the economy goodbye—at least for the time being. Forbes identified seven types of products that are likely to experience the highest inflation, plus three types of products that have actually gotten cheaper. Here's what to look out for.
Products That May Get More Expensive
- Wine, beer, and liquor
- Tampons, diapers, and toilet paper
- Potted plants, flowers, and home gardening supplies
- Lumber
- Refrigerators and major appliances
- Used cars
- Houses
Things That Have Gotten Less Expensive
- Clothes and shoes
- Interest rates on loans
- Electronics and computer equipment
It's important to note that these patterns probably aren't permanent.
Many of the items that have seen a drop in prices over the pandemic will start to become more relevant again soon. Clothing and shoes, for example, saw a dip over the last year because more people have been staying home and sitting around in loungewear; as society and stores continue to bounce back toward normal, people will likely resume their clothes shopping habits.
On the flip side, some of the things that are likely to get more expensive will level back out to normal after a little while. Alcohol will likely continue its upward trend for now, but at least one source says that the growth isn't sustainable long-term and will drop off after 2022. An economic expert who's familiar with the lumber shortage predicts that within the next 18 months—once some kinks are worked out and the supply/demand balance is stabilized—the price of wood will experience a sharp fall.
No matter what the future holds, it's not a bad idea to save some cash where you can to make up for potential price hikes. Let's just hope businesses don't get too greedy.