Car insurance costs are soaring, up 19% year-over-year as of November, per Labor Department data. This trend is expected to continue, driven by severe weather causing more accidents and vehicle damage, along with higher labor and repair costs, as reported by the Insurance Information Institute.
Flight demands could cause a rise in airfares next year, according to aviation industry commentator Irene King. She told RNZ that airlines may begin to discontinue less profitable routes, thus causing a capacity issue. “Less capacity means higher prices. It’s as simple as that,” she said. Airlines will therefore struggle to meet the demands of holidaymakers, which will undoubtedly push up the cost of an airfare ticket.
The effects of changing weather conditions will also have an effect on meat production. According to Dr. David P. Anderson, meat will increase in price in 2024 due to the weather and the general farming situation.
“I expect we’ll produce less beef and pork in 2024 than in 2023,” Anderson told Better Home and Gardens. Drought and low prices mean that ranchers won’t keep as many cows so reduced beef production will lead to higher prices he explained.
Overall, the ERS expects meat to be up 5.6% and beef around 7.8%.
Some Electric Vehicles
Up until now, purchasing an EV has been favorable due to a substantial tax credit of up to $7,500; however, this opportunity is shrinking.
From January 2024, new regulations on electric vehicle battery production will come into play, affecting the tax credit eligibility of several popular EV models like certain Teslas, Cadillac Lyriq, and others.
Though the listed prices might not alter significantly, buyers not qualifying for the tax credit will face higher expenses. From 2024 on, the tax credit will be available as a direct discount at purchase rather than a tax rebate.
Subscription services may see a price increase in 2024 due to the rising cost of content and contracts, particularly in the entertainment industry. Companies like Xfinity are facing increased costs from their entertainment partners, as well as the need to continue investing in reliable and high-quality services, leading to potential price hikes in their subscription packages.
The cost of health insurance has been fairly steady in recent years; however, firms such as Mercer and Willis Towers Watson predict that insurance plans could rise 6% in price.
This is due to higher costs for healthcare providers and hospitals, but these increases have yet to be reflected in health insurance contracts. The reason is that these contracts are put in place many years in advance.
If you’re used to dining out on a regular basis, you may need to assess your finances in 2024. According to the U.S. Department of Agriculture, restaurant food is predicted to rise in price by around 5%, whereas some groceries could drop by 0.6%.
Technology gadgets are likely to become more expensive in 2024 for several reasons. Inflation is a significant factor affecting IT budgets, leading to cost increases in areas such as servers, storage, and professional services. This inflationary trend has been particularly noticeable in the prices of servers, which have seen a steep year-over-year price hike due to supply chain issues.
In 2023, many homeowner insurance companies bowed out of high-risk areas due to an increase in severe storms, wildfires, and flooding. Allstate no longer offers home insurance in California and Farmers Insurance will no longer cover homes in Florida.
This meant that homeowners were left with ‘last resort’ policies, charging excessive prices. As such, in 2023, home insurance premiums saw a hike of 21%, according to Policygenius. As we head for more severe weather in 2023, these price hikes are expected to continue.
Although groceries are predicted to drop in price in 2024, oil is an exception. According to the ERS, “prices for fats and oils are predicted to increase 8.9 percent in 2023.” So, for those who love to whip up culinary delights, it’s wise to budget a bit more for that bottle of cooking oil.
The ERS predicts that dairy will drop by 0.6% in 2024, but Anderson isn’t quite as convinced. He told Better Home and Gardens that 2023 was a bad year for dairy farmers due to low prices for milk. Therefore, there might be reduced production or slower production in dairy in 2024, which will result in higher prices.
Postal Stamps and Services
There has been a steady trend of increasing costs of postal stamps. In 2023, the price of Forever stamps rose from 60 cents to 63 cents and then to 66 cents. This upward trend will continue into 2024, with Forever stamps expected to cost 68 cents starting January 21.
Alongside stamps, USPS service rates are also increasing. USPS Ground Advantage will see a 5.4% hike, Priority Mail will go up by 5.7%, and Priority Mail Express will increase by 5.9%. These increases are part of the USPS’s broader pricing adjustments, which also include changes in Special Services like P.O. box rental fees and some international mail services.
There’s no denying that Millennials have fallen for some pretty questionable gadgets, much to the amusement of the Boomer generation. In this post, we’re diving into 17 gadgets Millennials bought into that made boomers laugh.
22 THINGS THAT SCREAM ‘I’M EX-MILITARY”
Military training often engrains some odd habits that stay with members for life. An internet survey recently asked, “What screams “I’m ex-military?” Here are the top 22 responses.
Companies come and go, but some manage to stay open longer than expected. A recent internet survey asked, “What obsolete companies are you surprised are still holding on in the modern world?” Here are the top 21 answers.
20 HAIRCUTS THAT WOMEN OVER 60 SHOULD NEVER GET
As we journey through different stages of life, our hair transforms as well. What looked fabulous in our 20s and 30s might not be the most flattering option now. And let’s face it, nobody wants to look like they’re stuck in a time warp! So, as a tribute to the age of wisdom and elegance, let’s explore 20 haircuts that women over 60 should never get. It’s all about embracing the changes and looking your absolute best!
Times change, and some of us are old enough to remember how much. Some things that were seen as affordable or reasonable a few decades ago are now luxury items kept as a rare treat, only exist in certain instances (or not at all), or are reserved for the wealthy. One internet user recently inquired, “What was normal 20–30 years ago but is considered a luxury now?” Here are the top 20 replies: