10 things that will be more expensive in 2022

One thing is for sure, 2022 will cost you.

Amid inflation and ongoing supply chain problems, the prices of consumer goods are rising almost across the board.

“I really don’t think there’s a way to escape,” said Julie Ramhold, consumer analyst at DealNews.com.

But that doesn’t mean you can’t shop smarter for the things you need and want.

Here’s a list of some of the key items that will cost more next year, and what you can do about it now.

1. Housing

For some, buying a home is one of the biggest challenges of the pandemic, even as mortgage rates hit record lows. Unfortunately, 2022 could be another year for new high as home prices continue to rise two to three times faster than a year ago – in all cities, said Selma Hepp, CoreLogic’s VP of Economics. Mortgage rates are expected to rise next year which will pose further challenges, she added.

Pro tip: Higher rates could help reduce home demand, at least a little, which could lead to less dramatic home price increases and fewer bidding wars, ultimately making it easier for some homebuyers. find more home. And with rents on the rise, this would still be a good time to buy.

2. Food

Going to the grocery store will quickly drain your budget. It’s not just staples like eggs, meat and dairy that are getting more expensive; Coca-Cola and PepsiCo also announced price increases, thanks to more supply chain and labor problems. Even Oreo cookies, Ritz crackers and Sour Patch Kids will be more expensive by 2022, Mondelez CEO Dirk Van de Put recently told CNBC – starting with a 7% price increase at the start of the year.

Pro tip: It’s going to be hard to avoid going through the grocery store. Follow Ramhold’s advice on weekly sales and stock up when you can. And while clipping coupons may be outdated, many stores have digital deals or membership discounts that will save you money. A credit card with grocery rewards can also help you with your weekly spending.

3. Clothes

Americans are finally ready to say goodbye to their sweatpants, but it won’t be the best time to shop. While clothing sales are expected to fully recover this year with many shoppers looking to refresh their pandemic-era wardrobes, supply chain pressures will boost 3.2% higher than average retail price, according to a report in The Business of Fashion by McKinsey – and 15% of fashion executives expect to increase prices by 10% or more by 2022.

Pro tip: Before buying anything new, Turn your old clothes into cash. You can deposit in person or online through sites like Tradesy, Mark and thredUP.

4. Heating cost

Heating bills can leave you in a cold sweat this season. Nearly half of natural gas-heated households are expected to spend 30% more compared to last winter’s average, according to the 2021 Winter Fuel Outlook report from the US Energy Information Administration. Propane users will spend 54% more, while heating oil users could see a 43% increase in bills and electricity users are expected to spend 6% more, according to the report.

Pro tip: Consider a home energy check to detect and repair potential leaks and find areas for improvement, such as sealing covered windows, for starters. In some states, utility companies may even offer this service for free.

5. Gas

After gas prices skyrocketed 58.1% over the past year, it’s hard to imagine paying more at the pump. And yet, in some states, including Michigan, Indiana, Ohio, Illinois and Kentucky, gas prices are likely to rise even higher “very soon,” in part due to rising wholesale prices, according to the report. GasBuddy.com.

Pro tip: Depending on where you live, there may be big price difference between gas stations. Even if the price-per-gallon difference doesn’t seem like much, it can add up to hundreds of dollars a year.

6. Eating out

Restaurants have been under pressure since the pandemic began, and the ongoing staffing challenges aren’t going away anytime soon. As a result, most have had to raise wages to attract workers while also paying more for food and that means menu prices will also go up.

Pro tip: Look for weekly specials or dining deals, like two get one burger night. Sometimes earning more is a good way to add value even at a higher price.

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7. Cars

New car prices are at all-time highs, while prices of used cars and trucks, once a good way to strike a deal, have fueled a boom in inflation, up 31.4% compared to the same period last year, making this price special Challenging time to buy a car.

Pro tip: You may not get a discount, but dealers are paying more for used cars, which means you can get more out of an exchangeor less than the market price in the lease-purchase agreement.

8. Computers and electronics

Computers, TVs and video game consoles have all been hit hard by the ongoing chip shortage, and that means much less inventory, even if you’re ready. pay insurance premiums – which many people are since it became it’s basically impossible to buy a video game console during the outbreak of the pandemic to play games.

Pro tip: Some of the best sales of the year will come around Presidents Day and Super Bowl Sunday as retailers mark off last year’s models to make room for this year’s products. If not, score what you can while it’s in stock, says Ramhold. These prices are unlikely to fall back even if supply eventually catches up with demand.

9. Furniture

Shelter at home has sent most people into a renewal frenzy, but even small updates don’t come cheap. Furniture prices may increase by more than 10% next year due to higher container shipping costs, according to United Nations Conference on Trade and Development. Not to mention the price of construction materials to have more large decorative pieces.

Pro tip: A good coat of paint and a fresh coat of paint can provide much needed increase until some shipping delays and supply side problems subside for those bulky items.

10. Medical care

Paying for health care was an issue long before the pandemic. Now, medical costs increase 8.4% from 2020, according to a medical Table of contents announced by the consulting firm Milliman, pushing the cost of care beyond the reach of many Americans.

Pro tip: Don’t delay going to the doctor. One way to help keep costs down is to use tax-advantaged accounts for medical expenses — specifically, a health savings account or a flexible spending account. To be able to use an HSA, you need to be enrolled in a high-deductible health plan, or HDHP. Then the contributions will increase on a tax free basis and you can invest that money to keep up or beat healthcare inflation.

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