Inflation is once again becoming a potential concern in the United States, according to some economists. This is in part due to accelerated job growth, new stimulus packages and rising fuel prices. There are also fears that interest rates will rise, which could make daily living more expensive, reduce spending and slow down the housing market. (Here are the States where house prices increased the most in the past 12 months.)
However, for now, these issues seem to carry over into the future. A more immediate concern is the soaring prices of certain everyday items. The prices of some of them have skyrocketed, in large part because of COVID-19 and the resulting economic fallout. The cost of things like groceries, fuel, vehicles and appliances, among others, has increased by more than 10% in the past year.
To determine which household items and other products people use regularly for which prices are skyrocketing, 24/7 Wall St. examined the United States Bureau of Labor Statistics, to find the items with the greatest price increase. as a percentage since July 2020. Certain miscellaneous and overlapping items have been excluded.
Click here to see the price of this skyrocketing household item