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Groceries and gas mostly. Many grocery items have increased a lot. I am not a budget shopper, but when a 4.50 item jumps to 5.25, I notice. That sort of increase has become common.
Chinese food (takeout variety). Particularly dishes with seafood included. Our 1x/month splurge has increased 12% a on YOY basis – and we order the same meals every time. Even with rotating between 2 local proprietors, the increase is significant.
Yes, seafood is through the roof. Near me, there’s a specialty grocery store that used to charge $11.99 for a crab cake, but had “crab cake Tuesday,” when they were available for $6.99 each — which is when we would buy. Last time I looked, they were at $15.99, and “crab cake Tuesday” was, alas, no more.
My husband and I try to eat ‘clean’ (low carbs, lots of vegetables, etc.). The other day I went to a local grocery store (known for having some of the lowest prices) and I left with a very small bag of groceries that totaled $55.
Restaurants and hair salons. I’ve experienced price increases from 10-20%
At this point it may be an easier list things where you don’t see inflation!
I could say that it’s important to create & follow a budget. But it’s better for me to demonstrate how even historic (dead) budgets continue to have value… objectivity VS. subjectivity.
I have a subjective feeling like I’m spending more for groceries currently (in 2021). And, that feeling makes it tempting to say that I see signs of inflation in food prices. But that hunch would be inaccurate; caused by recency bias.
When I examine historic budgets from the last seven-to-nine years, it objectively proves that my health insurance costs lead the “rogues gallery” of inflation.
Dental Insurance: 4.32%METHODOLOGY: As of Dec 31, 2015, $90 was the monthly cost for my household. As of Jan 01, 2021, $121 is the updated cost. ((121/90)^(1/(7 periods)-1Health Insurance: 4.25%METHODOLOGY: As of Dec 31, 2014, $1,545 was the monthly cost for my household. As of Jan 01, 2021, $2,156 is the updated cost. ((2156/1545)^(1/(8 periods)-1Medicare Part B: 3.97%METHODOLOGY: As of Dec 31, 2013, $105 was the monthly cost. As of Jan 01, 2021, $149 is the updated cost. ((149/105)^(1/(9 periods)-1
Dental Insurance: 4.32%
METHODOLOGY: As of Dec 31, 2015, $90 was the monthly cost for my household. As of Jan 01, 2021, $121 is the updated cost. ((121/90)^(1/(7 periods)-1
Health Insurance: 4.25%
METHODOLOGY: As of Dec 31, 2014, $1,545 was the monthly cost for my household. As of Jan 01, 2021, $2,156 is the updated cost. ((2156/1545)^(1/(8 periods)-1
Medicare Part B: 3.97%
METHODOLOGY: As of Dec 31, 2013, $105 was the monthly cost. As of Jan 01, 2021, $149 is the updated cost. ((149/105)^(1/(9 periods)-1
The risk of running out of money in retirement makes it objectively a good idea to plan & track both income & expenses… aka budgeting. Alternatively, one can subjectively follow a hunch about promises, charts and graphs from a financial planner.
You can’t rely on the Medicare Part B premiums. They are not accurately reflecting cost increases because Congress has fiddled with the numbers.
What a strange thing to say, R. Quinn.
My posting shows the Medicare Part B costs from both 2013 and from 2021. It also shows the method used for calculating rate-of-increase over an 8-year period.. 3.97% per year.
In mathematics, there are no alternative facts.
I’m saying the premiums should be higher because Congress has artificially held down required increases. The premiums we now pay are not really reflecting the cost or inflation.
This may seem like an odd item to single out, but I find myself paying ridiculous sums for bread. Admittedly, I have a fondness for good bread from local bakeries, especially of the whole wheat/multi-grain variety. I came home the other day with a loaf that cost $6.99. My son looked horrified when I told him. He looked even more horrified when I mentioned occasionally paying $14 for a loaf when I lived outside New York and bought bread at the local farmers’ market. But it was really, really good bread.