Published On: Thu, Apr 27th, 2017

8 Essentials That May Start to Cost More Next Year

Today’s dollar has gained considerable ground in the world financial market. A stronger dollar means traveling out of the country may be more affordable for many looking to experience an exotic vacation. This situation may also contribute to more Americans having extra disposable income each month. Despite the strong dollar, there are some things that may go up in price for 2018. Some items are impacted by the currency status, and others are rising for different reasons. Here are eight essentials that consumers may pay a higher cost for in the next year.

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1. Medical Care

Next year, expect to pay even more for health insurance premiums and other basic medical costs. Some of this increase will be in the form of rising prescription drug prices. The prescription drug market in the nation is on a path to keeping many therapies for patients out of reach financially. Medical providers may also increase their fees due to more costs of practicing medicine, especially medical malpractice insurance. Changes to the federal laws about health insurance this year may impact what many consumers pay for their overall care in 2018.

2. New Homes

Another possible place that could see an increase in prices in 2018 is the new home market. Recently, President Trump made an effort to combat the market for imported Canadian lumber, which is used primarily to build homes and commercial structures. Trump instituted a 24 percent tariff on lumber from Canada, which may affect the price of new home builds. Home builders purchasing Canadian lumber will have to pass that cost along to consumers over the next few years.

3. Fruit

Some types of fruit that aren’t grown domestically could also see higher prices due to the trade wars and political situation in the United States. In order to fund the border wall between Mexico and the United States, Congress and President Trump are proposing heavy tariffs on imported Mexican goods. One of the biggest markets for Mexican imports is fruit, such as avocados, tomatoes, and bananas. This means American consumers may pay several dollars more for their favorite fruit snacks.

4. Coffee

Your daily cup of java may also be impacted by various things happening around the world. Places that cultivate the coffee plant are experiencing significant droughts, which has reduced the amount of coffee being produced around the world. Unfortunately, demand for this rich drink is steadily increasing, so the only way to rectify the situation is to increase the price.

5. Milk

The staple gallon of milk may also see a price increase in the next few months. Climate issues like drought have made an impact on the price of the feed that dairy cows eat. Many farmers had to cut back on the number of cows on their farm producing milk, which may have created a slight shortage of dairy. This necessitates a price increase to meet the nation’s demand for dairy.

6. Gas

Many consumers have already seen price increases across the board for a gallon of gas recently. The price of a barrel of oil in the economic trading market has finally stabilized after years of plummeting, which causes the consumer gas price to go up as well. Drivers who want to save money may need to reduce some of their other monthly expenses, such as car insurance. At carinsurancecheap.net, drivers can find cost-cutting tips.

7. Airfare

Since the price of gas has finally started to increase, travelers may also see airfare going up. Last year, there was a period of time where flight prices were a little cheaper for international and domestic flights. Rising security costs and more expensive fuel charges may put those prices back up again by next year.

8. Clothing

Finally, there are more talks of slapping heavy import duties onto clothing manufacturers who produce items outside of the country. Companies that outsource production to places such as China, Taiwan, Bangladesh, India, Malaysia, and Mexico may be penalized. For the average clothing shopper who purchases moderately priced items, this could be significant. Some experts believe there will be large price increases across a variety of brands that produce apparel and shoes.

The cost of being a consumer may go up significantly in 2018. Be prepared to cover these rising costs by shopping around and changing your spending habits to cover these increased prices.