Inflation was a big conversation in 2024, especially as an election year.
The annual inflation rate was 2.7% as of November. That’s less than it was at the end of 2023 (3.4%) or 2022 (6.5%). But this progress doesn’t mean that some goods weren’t heavily affected by inflation in 2024.
Money Talks News reviewed data from the federal government’s Consumer Price Index and other sources to determine some of the year’s starkest price increases — a couple of which exceeded 100%.
Which of the following has hurt your wallet most?
Bitcoin
The value of Bitcoin jumped by well over 100% in 2024. It started the year valued at about $44,000. On Dec. 17, 2024, though, Bitcoin hit an all-time high of nearly $107,000 — roughly 140% higher than where it was on Jan. 1, 2024.
Reporting from Barron’s notes that Bitcoin prices surged after Donald Trump was elected president on Nov. 5, likely because of his crypto-friendly stance.
Global Entry and NEXUS fees
Global Entry is a program that makes it easier for people to travel internationally. They must go through an application, interview and background check. But once that’s complete, they can skip paperwork and use Global Entry processing technology at 75 airports. It’s a helpful system, but the application fee for new memberships and membership renewals jumped 20% in 2024, from $100 to $120.
NEXUS is a way for people to expedite their border crossings between the U.S. and Canada. The NEXUS program’s application fee hike was far higher than that of Global Entry at 140%. The fee rose from $50 to $120.
Frozen noncarbonated drinks
In 2024, frozen noncarbonated juices and drinks had the biggest price increase out of all grocery categories that are included in the Consumer Price Index, with an annual inflation rate of 17.2% as of November.
By comparison, grocery costs overall increased by 1.6%.
There are a few possible contributing factors to why juice got more expensive in 2024. One is that orange production was down, in part because of bad weather and because of diseases that affect citrus trees.
Educational books and supplies
The cost of educational books and supplies went up by 10.6% in 2024. This category includes things like college textbooks, which went even more — by 11.6%.
Price hikes in this category — like many others — aren’t going unnoticed. A recent WalletHub survey found that 86% of parents think education costs are out of control.
Car insurance
Car insurance costs went up 12.7% in 2024. Unfortunately, your auto insurance rates can increase even if you didn’t file a claim.
The Insurance Information Institute says lower unemployment rates are one factor. More people with jobs means more people on the road, which means more claims in total. Another factor is how many high-tech features come with newer cars today. These features may be savvy, but they’re more expensive to repair or replace if damaged.
Pet services
Pet services (excluding veterinary services) went up by 12.1% in 2024 — which is the largest 12-month increase on record for this category of the Consumer Price Index.
Veterinary services specifically had a smaller but still well above average price hike, at 7%.
Postage
Postage costs went up by 10.6% in 2024, according to the Consumer Price Index.
One company that increased its prices was the U.S. Postal Service. In fact, USPS had two sets of price hikes in 2024: one in January and another in July. The price of a first-class stamp went from 66 cents to 73 cents over the course of the year, and that wasn’t the only type of postage to go up in price.
USPS said the increases were “needed to achieve the financial stability sought by the organization’s Delivering for America 10-year plan.”
Care of invalids and elderly at home
The cost of at-home care went up by 9.9% in 2024. This jump is likely because of the increase in demand as America’s population ages.
Costco memberships
In September, the price of Costco memberships increased by 8.3%. The Gold Star membership went from $60 to $65, and the Executive membership went from $120 to $130.
“A modest increase in fees will allow us to bring our members even greater value,” Costco said.
Motor vehicle repair
No one likes taking their car in for repairs, and the financial drag of it got worse in 2024. The costs of motor vehicle repairs went up by 7.8%.
This is also one of the factors in the even-steeper increase in car insurance costs, according to the Insurance Information Institute.
Watches
Watch prices went up by 7.4% in 2024. Jewelry prices, on the other hand (pun intended), only went up 2.5%.
Dried beans, peas, and lentils
The price of these pantry staples went up by 7.4% in 2024, the steepest increase for any type of fruit or vegetable, fresh or processed. Collectively, produce prices went up by only 1.4%.
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