The Rising Costs of 2012
A new year brings new worries, and one of out main worries is usually finances - and the state of our personal finances. Are you prepared for the rising costs that we are most likely going to see in the United States this coming 2012.
Airline Fares
We all know that airline fares are going to be rising this year - with the merger of United and Continental, as well as most airline companies reaping profit loss hand over fist, the general population is taking the hit of all the airline company losses quite hard.
American Airlines even filed for bankruptcy!
So, ladies and gentlemen, if you are planning a vacation for 2012 (and I really hope that you are - we all need to get away from our jobs every once in a while) make sure that you budget at least 10 - 15% more for your transportation costs - in the air, at least.
Meat & Fish
Unfortunately for all of our wallets and plates, the costs of our main staples are going to rise even more in 2012 - many blame the rising costs of gas to the increased prices of fish. The rising cost of corn is what many have to blame for the increase in prices of meat at our grocery stores.
Overall, prices are expected to jump 4% this year, after an 8% jump in 2011.
Coffee
You're going to be shelling out quite a bit more for your morning cup of joe if last years trends hold true this year - prices increased for coffee last year by a whopping 18%! Starbucks is already hiking their prices in the Northeast and the Sunbelt - so you may be better off if you just get up ten minutes earlier and make your own coffee - or stop using the socially-accepted drug-of-choice altogether!
Gas
The ever-rising cost of gas could break $5 a gallon by Memorial Day this 2012, or at least that is what some forecast. With Iran threatening to shut down some a key passageway for oil exports, and the recent outbursts of violence in Iraq threatening our oil interests there, our oil import situation is tenuous as best.
At home, a very large oil refinery in Delaware has shut down - and the potential of an economic rebound, while good for the general health of the country and our economy also means that more people are likely to be out driving. It comes down to supply and demand and neither of those are sure things yet in the forecast for 2012.
Anything Else You Can Think Of?
There are a good number of other instances where prices are likely to increase in 2012, this includes things like:
Airline Fares
We all know that airline fares are going to be rising this year - with the merger of United and Continental, as well as most airline companies reaping profit loss hand over fist, the general population is taking the hit of all the airline company losses quite hard.
American Airlines even filed for bankruptcy!
So, ladies and gentlemen, if you are planning a vacation for 2012 (and I really hope that you are - we all need to get away from our jobs every once in a while) make sure that you budget at least 10 - 15% more for your transportation costs - in the air, at least.
Meat & Fish
Unfortunately for all of our wallets and plates, the costs of our main staples are going to rise even more in 2012 - many blame the rising costs of gas to the increased prices of fish. The rising cost of corn is what many have to blame for the increase in prices of meat at our grocery stores.
Overall, prices are expected to jump 4% this year, after an 8% jump in 2011.
Coffee
You're going to be shelling out quite a bit more for your morning cup of joe if last years trends hold true this year - prices increased for coffee last year by a whopping 18%! Starbucks is already hiking their prices in the Northeast and the Sunbelt - so you may be better off if you just get up ten minutes earlier and make your own coffee - or stop using the socially-accepted drug-of-choice altogether!
Gas
The ever-rising cost of gas could break $5 a gallon by Memorial Day this 2012, or at least that is what some forecast. With Iran threatening to shut down some a key passageway for oil exports, and the recent outbursts of violence in Iraq threatening our oil interests there, our oil import situation is tenuous as best.
At home, a very large oil refinery in Delaware has shut down - and the potential of an economic rebound, while good for the general health of the country and our economy also means that more people are likely to be out driving. It comes down to supply and demand and neither of those are sure things yet in the forecast for 2012.
Anything Else You Can Think Of?
There are a good number of other instances where prices are likely to increase in 2012, this includes things like:
- Apparel, esp. cotton clothing
- Data plans for cell phones
- Utilities
- Running the New York City Marathon (really! look it up!)
Krista Sampson is a freelance writer who works closely with banks and hopes that considering Milton NY mortgages or taking out a loan in Ballston Spa is on anyone's radar this year in order to pay their bills.
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Tags: economy, Personal finance
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