Inflation is once again becoming a potential concern in the U.S., according to some economists. This is due in part to accelerated job growth, new stimulus packages, and the rising price of fuel. There is a worry, additionally, that interest rates will increase, which could make daily life more expensive, curtail spending, and slow the housing market. (These are the states where home prices went up the most in the last 12 months.)
However, for the time being, these problems seem well into the future. A more immediate concern is the soaring prices of certain everyday items. The prices of some of these have soared, largely due to COVID-19 and resulting economic fallout. The cost of things like groceries, fuel, vehicles, and appliances, among other things, have increased by more than 10% over the past year.
To determine the household items and other products people use regularly for which prices are soaring, 24/7 Wall St. reviewed the U.S. Bureau of Labor Statistics, to find the items with the largest percentage price increase since July 2020. Some miscellaneous and overlapping items were excluded.
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