It costs more than ever to buy a home. In , the median home value in the U. That's partly why the typical homebuyer is now 44 , whereas in , the typical homebuyer was And it's not much easier to rent. As of June , the annual rise in rental prices was nearly four times the overall inflation rate.
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Staples like milk and bread rose just slightly, 1. Meanwhile, some prices rose dramatically. As mentioned, used car prices are up nearly 30 percent, due to supply chain disruptions in the new car market , including a global shortage of semiconductor computer chips. Prices for some fruits, like strawberries and blueberries, are up 27 and 16 percent, respectively, as demand for the fruits surged during the pandemic and outpaced supply.
Produce prices are always subject to high volatility since there are so many variables with planting and harvesting. The cost of kitchen and living room furniture, due to a mix of supply chain bottlenecks and demand to fix up our personal spaces during the pandemic, is up about 10 percent since last year.
Dog treat prices are up 5 percent, perhaps as a result of increased demand from the large number of pet adoptions during lockdown. Takeout prices were up 6 percent. While the price changes of cheese varied widely by type Brie down 6 percent, cheddar up 0. There were a few notable exceptions where prices actually declined since last year. Similarly, the price of eggs went down 4 percent. Prices for hard seltzer, the unofficial summer drink of , declined nearly 6 percent, perhaps reflecting the increased selection available , with everyone from Budweiser to Topo Chico getting in on the action.
One of the biggest price surge stories of the year thus far has been lumber. Vox has a full explainer on it here. The lumber industry struggled in the years following the Great Recession, and production slowed accordingly. When Covid hit, many in the industry assumed that the situation was only about to get worse, so they dialed back production even more.
It turns out lots of people stuck at home had the same idea to undertake home renovation and remodeling projects. Others went looking for new homes , snapping up preexisting ones and starting to build. And on Tuesday, some of the first signs of inflation came to pass. More Videos US consumer prices increased in March. The most important job most Americans have never heard of. How grocery stores are handling rising food prices.
US inflation rate hits year high. Maersk CEO: Port bottlenecks won't improve anytime soon. The US economy added , jobs in October. Larry Summers: The economy is overheating but it's good for workers. The Fed rolls back economic stimulus. Janet Yellen: Inflation expectations remain well anchored.
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