10 things that will be more expensive in 2022

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  • The cost of clothing, groceries, furniture and other items is going up in the coming year.
  • Here’s what you can do about high prices.

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One thing’s for sure: 2022 is going to pay your price.

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Consumer goods prices are rising almost across the board, amid inflation and ongoing supply chain issues.

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

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But that doesn’t mean you can’t shop smartly for what you need and want.

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

1. Accommodation

For some, buying a home has been one of the biggest challenges of the pandemic, even as mortgage rates plunged to a record low. Unfortunately, 2022 could be another year of new highs as home prices across all cities are rising two to three times faster than a year ago, according to Selma Hepp, deputy chief economist at CoreLogic. “The expected increase in mortgage rates next year will present challenges ahead,” she said.

Pro Type: Higher rates can help drive down demand for homes, at least slightly, resulting in less dramatic home price increases and less bidding wars, ultimately making it easier for some home buyers to reach the door. And with rent prices rising, this would still be a good time to go.

2. Food

Going to the grocery store will start eating on your budget very quickly. It’s not just staples like eggs, meat and milk that are getting more expensive; Coca-Cola and PepsiCo also announced price increases due to greater supply-chain and labor problems. Even Oreo cookies, Ritz Crackers and Sour Patch Kids will cost more in 2022, Mondelez CEO Dirk Van de Putt recently told CNBC — with a 7% price increase at the start of the year.

Pro Type: It would be difficult to avoid getting groceries. Watch for weekly sales and stock up when you can, Ramhold advised. And while clipping coupons may be out of date, many stores have digital deals or membership discounts that will save you money. A credit card with grocery rewards can also help with your weekly spending.

3. Clothing

Americans are finally ready to say goodbye to their sweatpants but it’s not the best time to shop. Even though clothing sales are expected to fully recover this year, with many shoppers looking to refresh their pandemic-era wardrobes, supply chain pressure will drive Retail prices increased by an average of 3.2 percent, according to a report on the business of fashion by McKinsey—and 15% of fashion executives expect prices to increase by 10% or more in 2022.

Pro Type: Before buying anything new, exchange your old clothes for cash. You can send in person or through an online site like tradesy, Poshmark And ThredUp,

4. Heating Cost

The heating bill can put you in a cold sweat during this season. According to the US Energy Information Administration's Winter Fuels Outlook 2021 report, nearly half of homes with natural gas are projected to spend 30% more than they did last winter in summer. According to the report, propane users will spend 54% more, while heating oil users could see a 43% increase in bills and power users are expected to spend another 6%.

Pro Type: Consider a home energy audit to locate and fix potential leaks and find areas for improvement, such as sealing drafty windows, to begin with. In some states, utility companies may also offer the service for free.

5. Gas

After a massive 58.1% jump in petrol prices in the past one year, it is hard to imagine paying even more at the pump. And yet, in some states, including Michigan, Indiana, Ohio, Illinois and Kentucky, gas prices are likely to rise even more "very soon," partly due to increased wholesale prices, according to GasBuddy.com,

Pro Type: Depending on where you live, prices can fluctuate greatly between gas stations. Even though the price per gallon doesn't make much difference, it can add up to hundreds of dollars a year.

6. Eating out

Restaurants have been under pressure since the start of the pandemic and the ongoing staffing challenges are not going away anytime soon. As a result, most had to raise wages to attract workers to pay more for food, and this meant that menu prices would rise as well.

Pro Type: Look for weekly specials or food deals, such as two-for-one burger nights. Sometimes getting more for your money is a good way to add value even at a higher price.

More from Personal Finance:
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How to get back on track after blowing your budget
Do you think you have a spending problem?

7. Cars

New car prices are at all-time highs, while used car and truck prices, which used to be a good way to get a deal, are driving inflation, a 31.4% year-on-year increase, making it a It has become a particularly challenging time. To shop for an automobile.

Pro Type: You may not be able to lower the price, but dealers are paying more for a used auto, which means you can get more at a trade-in or lower-than-market price in a lease buyout.

8. Computers and Electronics

Computers, TVs and video game consoles have all been hit hard by ongoing chip shortages and that means very little inventory, even if you're willing to pay a premium – which is a lot of people because video game consoles are. Buying has become basically impossible during the pandemic-fueled boom for gaming.

Pro Type: Some of the year's best sales are happening around President's Day and Super Bowl Sunday when retailers mark down last year's models to make room for this year's offerings. Otherwise, score while you're in the stock, Ramhold said. These prices are not likely to return even when supply eventually catches up with demand.

9. Furniture

The at-home shelter sent most people into a renovation frenzy, but even small updates won't be cheap. Furniture prices may increase by more than 10% in the coming year due to higher container freight rates, according to United Nations Conference on Trade and Development, Not to mention the cost of building supplies for a more major makeover.

Pro Type: A good degreaser and a fresh coat of paint can provide a much-needed boost until some shipping delays and supply-side problems subside on those bulkier items.

10. Medical Care

Paying for health care was a problem long before the pandemic. Now health costs have increased by 8.4% since 2020, according to a medical index published by the consulting firm Milliman, put the cost of care out of reach for many Americans.

Pro Type: Do not delay in going to the doctor. One way to help with costs is to use tax-advantaged accounts for medical expenses -- specifically, health savings accounts or flexible spending accounts. To be able to use an HSA, you need to be enrolled in a high-deductible health plan, or HDHP. The contribution then grows on a tax-free basis and you can invest that money to keep pace with or beat healthcare inflation.

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