Inflation is once again becoming a potential concern, according to some economists. This is due in part to accelerated job growth, new stimulus packages, and the rising price of fuel. Another reason is the soaring prices of certain products. There is a worry that interest rates will rise, which could curtail spending and slow the housing market. However, for the time being, those problems seem well into the future.
The prices of some items that Americans buy regularly have soared, largely due to COVID-19 and resulting economic fallout. The prices of some standard purchases by American consumers like grocery items, fuel, vehicles, appliances, and more have increased by more than 10% over the past year.
To determine the household items for which prices are soaring, 24/7 Wall St. reviewed consumer price index data for March 2021, released by the U.S. Bureau of Labor Statistics, to find the items with the largest percentage price increase since March 2020. Some miscellaneous and overlapping items were excluded.