YOUNGSTOWN, Ohio (WKBN) – Some Items are expected to get more expensive in 2017. The Federal Reserve raised its interest rate last month and plans to keep raising rates throughout the year.
The interest hikes could potentially make inflation and prices go up. Already, some people may have seen the biggest jump at the pump. According to AAA, the average price of regular unleaded gas was about $2.34 a gallon. This is up 10 cents from more than a month ago.Some of the other areas that have gotten more expensive have been travel and insurance but what about other items that are expected to increase? Here is a list of some of the items that are expected to get more pricey in 2017.
Dining Out: According to the Consumer Price index, the price for dining out is rising five times faster than inflation. These rising cost are driven by high food prices and increased workers’ wages.
Health Insurance: Those with insurance through the Affordable care Act can expect a 9% increase in cost overall. This means increased premiums and higher deductibles. Insurance through employer plans is expected to rise from 4%-6%.
Home Prices and Rent: According to the CoreLogic Home Price Insights, home prices are expected to increase by 5.2% by September 2017. Due to a record low of new home availability, the cost of new homes will also increase according to the National Association of Home Builders. Renters can expect a 3.7% increase in payments as well.
Cubs Tickets: It’s no surprise that ticket prices are going up after the World Series win. Season ticket holders can expect to see a 19.5% price increase this upcoming season.
Prescription drugs: According to the Segal Health Plan Cost Trend Survey, brand-name non-specialty and specialty medications could see a double-digit increase up to 18.7%.
College Textbooks: The price of textbooks will increase 5%-7% this year. The price of textbooks have increased 1,041% since 1977.
Coconut Products: The number of coconut plantations in the Caribbean has decreased by 17% since 1994 because of storms, drought, and disease according to the U.N. Coconut items are on the rise which could lead to a larger shortage and high prices.
Vanilla: Around 85% of vanilla beans are grown in Madagascar and there is currently a shortage causing prices to rise. This means that you could be paying more for certain cakes, cookies, and ice cream this year too.
Orange Juice: The price of orange juice is going up due to the current hurricane season and citrus greening disease. The blights have caused a 24% drop in Florida orange productions from this time last year.
Fresh Fruits: According to the USDA we can expect to pay 1 to 2% more for fruit this year.
Dairy Products: The USDA also predicts and increase of 1.5- 2.5% increase in dairy products.
Olive Oil: Due to weather conditions in Italy the olive oil productions has decreased this year by as much as half. Greece is also experiencing similar weather patterns which mean a smaller harvest.