One thing is for sure: 2022 is going to cost you.
Between inflation and ongoing supply chain issues, prices are rising on consumer goods nearly across the board.
“I really don’t think there’s any way to escape,” said Julie Ramhold, a consumer analyst with 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 major items that will cost more in the year ahead, and what you can do about it now.
1. Housing
For some, buying a house has been one of the pandemic’s greatest challenges, even as mortgage rates hit record lows. Unfortunately, 2022 could be another year of new highs as home prices continue to appreciate two-to three-times faster than a year ago — across all cities, according to CoreLogic Deputy Chief Economist Selma Hepp. “An expected increase in mortgage rates next year will present further challenges,” she added.
Pro tip: Higher rates could help dampen demand for homes, at least a little, which may result in less dramatic home price growth and fewer bidding wars, eventually making it easier for some homebuyers to get in the door. And with rent prices going up, it will still be a good time buy.
2. Food
A grocery store in New York on Dec. 7, 2021.
Wang Ying | Xinhua News Agency | Getty Images
Going to the grocery store is going to start eating away at 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…
