As we step into the new year, our wallets might feel the pinch. There are some items that are expected to increase in price in 2024 due to various reasons, such as harsher weather conditions and changes in legislation. Here’s a rundown of 12 things that experts predict will see a price hike.
Auto Insurance
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.
Airfares
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.
Meat
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
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.
Health Insurance
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.
Restaurant Food
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
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.
Homeowners Insurance
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.
Cooking Oil
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.
Dairy
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.
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