3 Things Are Skyrocketing from Biden’s Inflation
Written by
Sean Fisher, AI Editor
Edited by
Sean Fisher
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
As the battle against inflation continues in the United States, consumers are experiencing a mixed bag of price changes. While some items like appliances have seen a decrease in prices, other essential goods and services are experiencing a significant uptick. Here are three things that are currently skyrocketing due to inflation:
Food Prices
One of the most noticeable impacts of inflation is on grocery bills. Breakfast items, in particular, have seen a considerable increase in cost. For example, the average price of eggs has risen dramatically, making even a simple home-cooked breakfast a more expensive affair.
According to Bureau of Labor Statistics, eggs have seen an increase of fifty cents from the beginning of the years. Other staple breakfast items like bacon have also seen price hikes, forcing consumers to make tough budgetary decisions.
Rent
The cost of housing continues to climb, with rent prices showing no signs of slowing down. An average uptick of 3.5% has happened in 2024 from 2023 in The United States. This is a significant concern for many Americans, as housing costs take up a large portion of their monthly expenses.
The persistent rise in rent prices is putting additional financial pressure on households, especially those in urban areas where the cost of living is already high.
Transportation
Transportation costs, including gas prices, are another area where consumers are feeling the pinch. According to GoBankingRates, “As of March 2024, the average gas price is around $3.40 in the U.S., with Southern states seeing prices closer to $3.00.” This is cheaper than last year but more expensive than January of 2024, predicting a slow arch happening month to month until December 2024.
This not only affects the cost of commuting but also has a ripple effect on the prices of goods and services, as transportation is a key component of the supply chain.
Conclusion
While some relief can be found in the decreasing prices of appliances and certain goods, the overall impact of inflation is still being felt in key areas of everyday life. Food, housing, and transportation are essential components of the average American’s budget, and the rising costs in these areas are contributing to the financial strain experienced by many. As the economy continues to navigate through inflationary pressures, consumers will need to remain vigilant and adapt their spending habits accordingly.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
More From GOBankingRates
