After falling last year, prices continue to creep up in 2024.
In fact, overall inflation increased 3.5% over the past year and 0.4% over the past month, according to the latest federal data on consumer prices. Both those rates are the highest they’ve been since September 2023.
In other words, in March, inflation was the worst it’s been in six months.
Some goods and services have seen especially steep price hikes, though. Believe it or not, prices for the following climbed 10% to 30% between last March and this March.
Domestic services
Price change from March 2023 to March 2024: Up 10.9%
Price change from February to March 2024: Up 0.9%
This type of service falls under the category of household operations. It does not include gardening and lawn services or repair of household items — the latter of which is later on this list.
Raw beef roasts
Price change from March 2023 to March 2024: Up 11.2%
Price change from February to March 2024: Up 0.5%
As a whole, beef and veal prices rose 7.6% over the past year, with uncooked beef roasts hit hardest.
If you’re not interested in giving up red meat, perhaps try ground beef instead. With an annual inflation rate of 6.2%, it’s fared better than other types of beef over the past year.
Car repairs
Price change from March 2023 to March 2024: Up 11.6%
Price change from February to March 2024: Up 3.1%
This is the first of two motor vehicle-related costs on this list. The other has been hit almost twice as hard by inflation over the past year.
Care of invalids and elderly at home
Price change from March 2023 to March 2024: Up 14.2%
Price change from February to March 2024: Up 5.9%
The latest annual price increase increase for this type of in-home care — as well as the latest one-month increase — are the largest on record.
Marc Cohen, co-director for the Leading Age Long Term Services and Supports Center at the University of Massachusetts-Boston, tells The Hill that two factors are contributing to higher costs: a shortage of workers and rising wages.
As of 2023, the average wage for home health aides as well as personal care aides was $16.05 per hour or $ 33,380 per year, according to federal data.
Repair of household items
Price change from March 2023 to March 2024: Up 18%
Price change from February to March 2024: Not available
Of all the types of household operational costs tracked by the government’s Consumer Price Index, this one saw the steepest increase over the past year.
Car insurance
Price change from March 2023 to March 2024: Up 22.2%
Price change from February to March 2024: Up 2.6%
Soar motor vehicles prices today can be traced back to the pandemic, when car prices and car accident claims increased. Money.com explains:
“Insurance companies need to pass these costs along to their customers, but it often takes a long time to get rate increases approved by state regulators. This lag is one of the reasons auto insurance prices are still soaring even though inflation is easing in general.”
Frozen noncarbonated drinks
Price change from March 2023 to March 2024: Up 27.5%
Price change from February to March 2024: Down 0.1%
Of all the types of groceries tracked by the Consumer Price Index, this frozen noncarbonated juices and drinks easily saw the steepest price increase over the past year.
So perhaps consider switching to nonfrozen noncarbonated drinks, whose prices only rose by 2.7% during that time, or coffee, which has come down in price by 2.2%.
Video discs and other media
Price change from March 2023 to March 2024: Up 30.1%
Price change from February to March 2024: Up 14.7%
If you’re still buying DVDs or Blu-rays, here’s a compelling reason to stop: Their latest annual price hike of 30.1% is higher than it’s ever been before. So is the latest one-month increase.
Borrow discs from a library or subscribe to a streaming video service. The latest annual inflation rate for video subscriptions is only 1.7%.
Plus, plenty of video subscriptions won’t cost you anything, as we detail in “21 Streaming Services That Are Completely Free.”
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