Consumer Price Outlook For 2013
With the coming of the new year there is always some economic uncertainty. A question most of us ask is “what is going up in price and what will stay the same”. Obviously most things eventually go up in price (except, it seems, large screen TV’s and electronic gizmos) but what can be expect those items to be. NBC’s “Today” takes a look at what might cost more and what might stay the same.
- Grocery bills: The U.S. Department of Agriculture predicts grocery bills will rise 3-4 percent in 2013, due to higher feed costs.
- Overdraft fees: Banks are looking for ways to raise revenue without inciting customer backlash, meaning higher overdraft fees and charges for using out-of-network ATMs.
- Luxury items: Smartphones, cars and other luxury goods will also be more expensive in the New Year.
And what will be staying the same or perhaps cost less?
- As of January 2nd, the Consumer Financial Protection Bureau will regulate the country’s large debt collectors, an industry widely criticized for harassment, deception and other illegal tactics to get people to pay.
- Good news for home buyers: Mortgage rates are expected to remain low in 2013.
–Gasoline prices should continue their slow decline, barring unforeseen circumstances. The U.S. Energy Information Administration expects retail prices for regular-grade gasoline to average $3.43 a gallon in 2013. That would be down from this year’s average of $3.63.
Let’s just hope that those increased prices will be offset by an increase in our pay. Keep your fingers crossed!