Special Report

The Price of This Household Item Is Soaring

Douglas A. McIntyre

Published: November 11, 2021 1:00 pm

Inflation surged in October, according to the Bureau of Labor Statistics Consumer Price Index Summary. Compared to October 2020, prices rose by 6.2%. The BLS reported this was the largest jump since November 1990. The prices of a number of items rose at a pace well into the double digits. The price of this item — fuel oil — is soaring, up 59.1% from a year ago. (This city has the most expensive gas in America.)

The presence of inflation, and how long it may last, has created a pitched debate. Most senior government officials, particularly Secretary of the Treasury Janet Yellen and Chair of the Board of Governors of the Federal Reserve System Jerome Powell say inflation will be modest and short lived. Prominent Harvard economist and former Treasury chief Larry Summers, who believes the risk of sharp inflation is substantial, recently took a direct shot at Yellen. 

Summers tweeted, “I actually believe the gap between Treasury & Fed statements and the everyday experience of businesses and consumers in terms of inflation has widened in recent months.”

At the center of the inflation conversation is shortages of goods used by both individuals and businesses. Some of these shortages were caused by shutdowns because of the COVID-19 pandemic. Others are due to supply chain disruptions, which have caused the equivalent of huge traffic jams of tankers and container ships outside America’s largest ports. 

Concerns about how inflation might derail the economic rebound have started to emerge. The carefully followed University of Michigan Surveys of Consumers showed that, in October, consumer confidence was muted, to a large extent because: “Consumers not only anticipated the highest year-ahead inflation rate since 2008 in the October survey, but also expressed greater uncertainty about the year-ahead inflation rate than anytime in nearly 40 years.“

To a great extent, inflation is in the eye of the beholder. People who drive a great deal are one example. The AAA shows that the average price nationwide for a gallon of regular gas is $3.42. A year ago, that figure was $2.11. That is a 62% increase. The price of beef rose by about 20% in October compared to the same month last year. Meat eaters have a problem. Vegetarians are better off, at least for now. (This is the price of steak the year you were born.)

24/7 Wall St. reviewed the BLS Consumer Price Index Summary to find the items with double-digit price increases from a year ago.

Click here to see the household item with a soaring price

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28. New trucks
> Price increase, Oct. 2020 to Oct. 2021: +10.2%

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27. Fresh and frozen chicken parts
> Price increase, Oct. 2020 to Oct. 2021: +10.2%

24/7 Wall St.
States Where Home Prices Have Recently Gone Up the Most

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26. Televisions
> Price increase, Oct. 2020 to Oct. 2021: +10.4%

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25. Other fats and oils including peanut butter
> Price increase, Oct. 2020 to Oct. 2021: +11.0%

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24. Fresh fish and seafood
> Price increase, Oct. 2020 to Oct. 2021: +11.0%

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23. Motor oil, coolant, and fluids
> Price increase, Oct. 2020 to Oct. 2021: +11.3%

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22. Eggs
> Price increase, Oct. 2020 to Oct. 2021: +11.6%

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21. Bedroom furniture
> Price increase, Oct. 2020 to Oct. 2021: +11.8%

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20. Living room, kitchen, and dining room furniture
> Price increase, Oct. 2020 to Oct. 2021: +13.1%

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19. Uncooked ground beef
> Price increase, Oct. 2020 to Oct. 2021: +13.4%

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18. Laundry equipment
> Price increase, Oct. 2020 to Oct. 2021: +14.9%

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17. Pork chops
> Price increase, Oct. 2020 to Oct. 2021: +15.9%

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16. Transportation commodities less motor fuel
> Price increase, Oct. 2020 to Oct. 2021: +16.5%

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15. Other pork including roasts, steaks, and ribs
> Price increase, Oct. 2020 to Oct. 2021: +16.9%

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14. Bacon and related products
> Price increase, Oct. 2020 to Oct. 2021: +20.2%

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13. Uncooked other beef and veal
> Price increase, Oct. 2020 to Oct. 2021: +21.9%

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12. Uncooked beef steaks
> Price increase, Oct. 2020 to Oct. 2021: +24.2%

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11. Uncooked beef roasts
> Price increase, Oct. 2020 to Oct. 2021: +24.9%

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10. Other lodging away from home including hotels and motels
> Price increase, Oct. 2020 to Oct. 2021: +25.5%

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9. Used cars and trucks
> Price increase, Oct. 2020 to Oct. 2021: +26.4%

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8. Utility (piped) gas service
> Price increase, Oct. 2020 to Oct. 2021: +28.1%

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7. Propane, kerosene, and firewood
> Price increase, Oct. 2020 to Oct. 2021: +34.7%

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6. Car and truck rental
> Price increase, Oct. 2020 to Oct. 2021: +39.1%

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5. Gasoline, unleaded premium
> Price increase, Oct. 2020 to Oct. 2021: +39.8%

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4. Gasoline, unleaded midgrade
> Price increase, Oct. 2020 to Oct. 2021: +43.4%

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3. Other motor fuels
> Price increase, Oct. 2020 to Oct. 2021: +46.9%

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2. Gasoline, unleaded regular
> Price increase, Oct. 2020 to Oct. 2021: +51.3%

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1. Fuel oil
> Price increase, Oct. 2020 to Oct. 2021: +59.1%