HOUSTON — From gas to groceries, it seems everything is going up in price this year. Even if you are frugal with your dollars, if you need to eat or drive, these price hikes will impact you.
In 2021, filling up the car can cost you twice what you paid last summer. In fact, gas is now hitting $3 in many areas and as high as $4 in California. Business Insider says get your wallet ready, it's only the beginning.
With Americans spending those stimulus checks, starting home improvement projects and traveling again, here are just a few of the price spikes we're already seeing.
Housing market prices are skyrocketing
If you're planning to build a house in 2021, you may want to consider that housing prices are up 20 percent this year.
Most experts are pointing to the lumber prices, which have doubled due to soaring demand. In fact, the National Association of Home Builders recently reported that expense of lumber has added an average of $24,000 to the cost of a new home.
And many home builders say it's almost impossible to build a home for under $150,000 in materials anymore.
When will it end? The Builders Group hopes lumber prices ease this fall as supply re-balances.
Airfare, car rental prices soaring due to eager travelers
Excited travelers trying to book a post pandemic vacation are discovering rental cars are hard to come by, and when you do, it can be pricey. According to reports, when the pandemic hit, rental car companies were hit hard. To make up the difference, they sold off cars.
Daily rates for car rentals are soaring to $200 a day in some vacation spots.
It's also doesn't help that new cars are in short supply.
New cars are also in short supply as car companies deal with a semiconductor chip shortage. Therefore, the big rental companies are trying to shuffle around their existing supply to get cars where travelers need them.
Looking to hit the skies instead? So are millions of other travelers, and as demand goes up, so do ticket prices. Airfares are up, with last years $39 flights already long gone.
Grocery prices are going up
No, its not your imagination or a case of buying too much food, all the grocery items are also jumping in price.
In fact, prices increased more than half a percent in the month of March, according to the governments consumer price index. Analysts say this could be indicative of a 6 percent hike this year following an almost 4 percent jump last year.
Business Insider reports the cost of soda and coffee are up. Not to mention, last year's price hikes on chicken and pork never went down.
P&G and Kimberly Clark have both announced price increases on diapers, and many paper products like paper towels, too!
What it all means is that those pandemic price breaks, with everyone locked at home, are now just a memory.
With so much pent up demand from last year, and so many products in short supply, most consumer analysts say don't expect a break anytime soon.