19 Common Items With Price Increases Coming Next Year

Have you noticed prices going up at the store lately? The cost of everyday items is making it harder to manage household budgets. Groceries, gas, and even streaming services are expected to cost more next year, so planning ahead is very important.

Recent data shows that between February 2020 and October 2024, consumer prices went up by 21.4 percent. Similar price rises are likely to affect many products in 2024, caused by problems with supplies, higher wages, and weather issues.

These increases could impact almost every part of daily life, making many families look for ways to save money. In this article, we will list 19 common things that may become more costly next year and explain the reasons behind these changes.

With some planning, you can adjust your budget to handle these increases. Which price rises worry you the most? Keep reading for tips and to share your thoughts with other readers!

Dining Out

Eating out will probably cost more as restaurants face higher prices for ingredients and running their business. Labor shortages have raised wages, making it harder for businesses to manage money. Higher rents and utility bills also add to the challenges for many places.

Menus might have smaller servings or fewer choices as restaurants try to save money. Customers may see extra fees, like service charges or added costs due to inflation, more often.

Going out less or picking cheaper places to eat can help save money. Helping local restaurants carefully makes sure they keep going while also keeping your own budget in check.

Housing Costs

Rent and homeownership costs show no signs of abating as demand outpaces supply in many regions. Rising interest rates have made mortgages more expensive, affecting homebuyers’ affordability. 

Construction material costs and labor shortages also contribute to inflated housing prices. This situation creates challenges for first-time buyers and those looking to upgrade or downsize. Tenants may face rent increases, further stretching their monthly budgets.

Exploring alternative housing options or negotiating lease terms can offer some relief. Staying informed about housing trends empowers individuals to make strategic decisions regarding living arrangements.

Streaming Services

Streaming services are raising their subscription prices to pay for more shows and licensing costs. Competition to have exclusive movies and series makes companies spend more on creating content. The need for better technology and internet use, especially during busy times, also raises costs.

Users might see small price hikes that add up and affect their home budgets. Combining services or using plans with ads might become options instead of more expensive premium plans.

Using fewer services or sharing accounts with family can help manage entertainment costs without lowering quality.

Groceries

In 2022, food prices for items at home rose by 13.5%, the sharpest increase since 1979​. Grocery prices have steadily climbed in recent years, and that trend is expected to persist. Rising costs of raw materials, transportation, and labor make food items like dairy, meat, and fresh produce more expensive. 

Climate-related disruptions further exacerbate supply shortages, leading to increased costs. Supermarkets often adjust prices based on suppliers’ needs, leaving consumers to pay the difference. 

Even basic staples such as bread and eggs are anticipated to rise noticeably. Shoppers may need to adapt by prioritizing sales, seeking discounts, or shifting to generic brands. Food-related expenses can strain household budgets, making meal planning and budgeting vital.

Gasoline

Global oil production is limited, and demand stays high, which keeps prices up. Costs for refining and new environmental rules can also add to higher fuel prices. These price rises affect more than just how much people pay for travel.

Shipping and delivery businesses face higher costs, which often lead to more expensive products and services for buyers. Higher fuel prices also reduce extra travel, impacting holidays and free-time activities.

People might try carpooling, taking buses or trains, or buying cars that use less fuel. Planning carefully can help ease the pressure on personal budgets caused by rising fuel costs.

Clothing

Clothing prices are expected to rise due to a combination of labor costs and material shortages. Supply chain issues continue to delay shipments and inflate production costs for many apparel manufacturers. Sustainable practices, while necessary, also add to production expenses.

Fast fashion brands may attempt to absorb some costs, but higher-end and mid-range labels often pass increases to consumers. Seasonal items like winter coats or swimsuits might experience the sharpest price hikes.

Shoppers may want to look for deals during major sales events or turn to secondhand stores to find affordable options. Budgeting for wardrobe updates can also alleviate the financial burden.

Consumer Electronics

Electronics prices are going up because there are not enough chips, delays in supply chains, and more people wanting new technology. Prices for smartphones, laptops, and gaming consoles often change because of these reasons. As makers add new features, the cost in stores may get higher.

Buyers might have to wait longer and find fewer choices for popular products. Sales deals may be smaller as companies try to cover higher costs to make items. Buying at the right time and looking at different models can help save money.

Used or older devices are still good options for those looking to spend less.

Pets and Pet Supplies

Caring for pets is becoming more expensive as the cost of food, veterinary care, and supplies increases. Supply chain challenges and inflation affect both specialty and everyday pet products. Rising costs of veterinary procedures add to the financial burden for pet owners.

Pet adoption rates surged in recent years, increasing demand for pet-related goods and services. Retailers and providers adjust pricing to meet these growing needs and rising operational expenses.

Budget-conscious pet owners might consider bulk purchasing, price comparisons, or exploring discounts to manage costs. Maintaining a healthy pet lifestyle can also reduce unexpected expenses in the long term.

Sports and Fitness Equipment

Prices for sports and fitness gear are expected to go up because the costs of raw materials and shipping are rising. Makers have trouble getting metals, plastics, and fabrics needed to create good-quality gear.

Buyers may see big price increases for bigger items like treadmills, bikes, and weight sets. Smaller gear like yoga mats or resistance bands might also have small but meaningful price changes.

The high demand for fitness gear during certain times of the year, especially at the start of the year, can make these problems worse. Buying used gear or swapping items in local groups can be cheaper options.

Home Security Systems

Home security systems, including cameras and alarms, are expected to cost more due to increased technology and manufacturing expenses. Chip shortages and rising demand for smart security devices contribute significantly to price adjustments. 

Consumers seeking advanced features like motion detection or AI integration could encounter the steepest price increases. Basic systems might remain accessible, but installation fees could rise alongside equipment costs. 

Exploring cost-effective alternatives like DIY security systems or standalone devices can provide protection without exceeding budgets. Taking advantage of promotional offers ensures better affordability when upgrading home safety measures. 

Education

Educational costs, especially tuition fees and study materials, are expected to go up. Schools have higher running costs and raise their fees to keep up. Books and digital tools cost more because of fees and making expenses.

Parents and students should plan their money well to handle these rising costs. Scholarships and grants can ease some of the money pressure linked to education.

Using reusable or shared resources is another way to control education costs. Planning ahead helps people be ready for this important but expensive area.

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Furniture

Furniture prices are set to climb, fueled by material shortages and increased production costs across the industry. Lumber and metal prices have soared, making the manufacturing process significantly more expensive for companies. 

Consumers may find that even basic furniture, such as beds, chairs, and tables, carries a steeper price tag. Specialty items, like custom-made or imported furniture, are particularly vulnerable to price hikes. 

Patience and thorough research can help buyers identify the best deals on quality furniture. Opting for refurbished or locally crafted pieces might offer affordable alternatives without compromising on style.

Beverages

Beverages, including coffee, tea, and bottled water, are likely to experience rising costs in the next year. Climate change and resource scarcity have significantly impacted crop yields, increasing costs for raw ingredients. 

Specialty drinks, such as craft beers or premium coffee blends, may see sharper price hikes compared to generic options. Restaurants and cafes might also adjust drink prices to accommodate increased operational expenses. 

Exploring in-home brewing options or switching to store-brand products can provide cost-saving alternatives. Watching for seasonal sales and loyalty programs may also help reduce beverage-related expenses. 

Personal Care Products

Personal care items such as shampoo, soap, and toothpaste are likely to cost more because of inflation and limited resources. Makers are paying more for important ingredients, which raises the cost of making these products.

Shoppers might see fewer sales or multi-pack deals at their usual stores. Premium or organic personal care brands may raise prices as they use higher-quality materials.

People on a tight budget may want to try generic brands or buy larger amounts during sales. Finding cheaper choices helps keep personal care habits going even with price increases.

Travel Costs

Travel expenses, including airfare, lodging, and rental cars, are predicted to rise due to industry-wide financial challenges. Airlines face higher fuel costs, while hotels contend with increased labor and operational expenses. 

Families planning vacations might notice elevated ticket prices for flights and limited availability for budget-friendly accommodations. Seasonal travel could become even more expensive, leaving fewer opportunities for last-minute getaways. 

Careful budgeting and early booking can help offset the rising costs of travel. Researching alternative destinations or off-peak travel times might provide better value. By planning ahead, consumers can enjoy memorable trips without overspending.

Household Cleaning Products

The price of household cleaning products is likely to go up because making and shipping them costs more. Higher prices for chemicals and transport have affected how these products are made, so companies have to change their prices.

Many companies might also start using eco-friendly packaging, adding to the cost. Shoppers could see smaller bottles or fewer sales on items like detergents, sprays, and disinfectants.

Because of this, keeping a clean home will need more careful buying. Buying in large amounts and choosing store brands may be smart ways for people to save money.

Healthcare

Medicare spending is projected to grow at an average annual rate of 7.4% over the 2023-2032 period. Healthcare expenses are anticipated to rise, influenced by higher pharmaceutical and service costs. 

Aging populations and the ongoing effects of global health crises increase demand for medical care. Providers invest in technology and infrastructure improvements, which often lead to higher bills for patients.

Insurance premiums may also see upticks, straining both individuals and employers who provide coverage. Routine medical visits, prescriptions, and emergency services might all experience price increases.

Baby Products

Baby products such as diapers, formula, and clothes are expected to cost more next year. Problems with supply chains, a lack of raw materials, and higher labor costs are causing this rise.

Since many people need these items, makers often charge parents and caregivers extra. Families may see big price jumps, especially for products that use parts from other countries.

Items made just for babies, like organic or special formulas, might get even more expensive because they are harder to produce. Shoppers might also find fewer sales or discounts in stores.

Gardening Supplies

Gardening supplies such as seeds, tools, and fertilizers are expected to cost more because making them has become harder. Higher shipping fees and weather problems have greatly affected how easy it is to get gardening basics.

Home gardeners might see prices go up for special items like rare plants or natural soil boosters. Local garden centers may change prices to deal with these issues, affecting both hobby and serious gardeners.

Buying supplies in slow times or choosing local sellers can help lower gardening costs. Using tools again and making compost at home might also save money over time.

How to Protect Your Budget Amid Rising Prices

Rising prices for everyday things can feel hard to handle, but being ready can make it easier on your wallet. By paying attention and planning well, you can deal with these challenges without cutting out basic needs too much.

Focus on simple ways to save money, like buying large amounts, using sales, and choosing cheaper options. Think about buying used clothes or gadgets, or sharing rides to save on fuel costs.

Keeping up with price changes will help you make better money decisions. Remember, handling higher costs isn’t just about spending less, it’s about spending smart.

Share your best money-saving ideas in the comments to help others handle these changes with ease.

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AI was used for light editing, formatting, and readability. But a human (me!) wrote and edited this.