While it’s true that inflation seems to be coming down since its peak in June, some things are looking to continue to increase in price this year. To start, it’s helpful to know what it actually means when the experts say “inflation is easing.” The 6.5% inflation number you see in headlines is the average price of goods and services used to measure the cost of living for most people. That means some products will be going up while others are actually expected to drop in 2023.
Here are some of the things experts are predicting will be going up in price this year—and some that already are.
According to U.S. Postal Service, a mailing service notice to increase prices to keep up with inflation is pending to be approved by the Postal Regulatory Commission before they take effect Jan. 22, 2023. If they are, expect these price hikes from the USPS; if you’re running low on stamps, you should buy some soon.
Food and eating out
All food prices are predicted by the U.S. Department of Agriculture to increase between 3.5% and 4.5%, with at-home food prices predicted to increase between 3% to 4%, and dining out predicted to increase 4% to 5%. One reason for the food hikes, apart from just inflation making things more expensive for the food industry, is the price of fertilizer increasing worldwide because of the Russian invasion of Ukraine, according to a ZME Science article. They even claim the “end of cheap food” as we know it.
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One particular set of food items that are already showing big spikes in prices are proteins, especially eggs, which have been hit particularly hard because of the bird flu outbreak, according to Fortune.
Another place where you might feel a sting from the food department in 2023 is at Costco. Their chief financial officer announced an inevitable increase in their membership cost this year, according to Yahoo. The membership cost hasn’t increased since their last bump in 2017.
Disney World has already bumped their prices for 2023, including for single-day tickets, multi-day passes, and annual-pass renewals. The prices for tickets vary depending on demand and which park you visit, but CNN says three out of the four theme parks are already more expensive to visit, with “Magic Kingdom and Disney’s Hollywood Studios both seeing more than a 12% increase.”
But park tickets aren’t the only items seeing hikes in 2023: Food, lodging, parking, and other things are also increasing. For a more in-depth breakdown of what to expect in 2023 from Disney World, check out this post from the Disney Food Blog.
HBO Max is merging with Discovery+ this Spring, and prices are expected to increase along with the partnership.
“By 2023, HBO Max will not have raised prices since its launch. So, it will have been three years since pricing has moved. Which we think is an opportunity, particularly in this environment,” said JB Perrette, president and CEO of Global Streaming and Games in a TechCrunch+ article.
HBO Max has been $14.99 per month since its launch in 2020, but that might end sooner than later.
Car insurance increased by 9% in 2022, and it’s projected to increase another 7% in 2023, according to a report from Insurify, a virtual insurance agent. According to the report, by the end of 2023, we are expected to be coughing up 16% more for car insurance. That’s about a total of $1,900 for the average American in 2023. According to the company, the price hikes are due to more people driving on the road, more severe accidents, natural disasters like wildfires and hurricanes getting worse, and inflation’s impact on vehicle repairs and medical costs.
Health insurance premiums
Health insurance premiums are set to increase in 36 states, according to data released by Value Penguin, a personal finance and research analysis site. This is specifically for private plans under the Healthcare Marketplace, the Affordable Care Act’s federal health insurance exchange. According to the report, the five most expensive states to purchase health insurance in 2023 will be Wyoming, West Virginia, Alaska, South Dakota, and New York in that order.