Special Report

The Price of This Household Item Is Soaring

Juanmonino / iStock via Getty Images

The consumer price index for February was yet another indication that inflation in the U.S. has gotten out of control. Compared to the same month in last year, prices rose 7.9%, the largest year-over-year increase since January 1982. One notable difference between the two periods is that the U.S. was in a recession then. There are worries that current inflationary pressures could cause a recession later this year.

The prices of many household items rose rapidly, according to the Bureau of Labor Statistics’ recent release. Gas prices and energy were the most notable, with the price of fuel oil soaring. And these figures predate the March surge in gasoline prices that has pushed the price per gallon to the highest level in history. The March CPI may therefore be even higher. (See the states where gas prices are rising fastest.)

The costs of many foods also rose. The prices of new and used cars jumped by double digits, triggered by a chip shortage that, in turn, has caused a shortage of new vehicles that use them. This shortage is not expected to improve until later this year. In the summary, BLS experts wrote: “Increases in the indexes for gasoline, shelter, and food were the largest contributors to the seasonally adjusted all items increase.” 

The price spikes raise several policy questions. The first is the pace at which the Federal Reserve raises rates to moderate the increase in prices. It appears that the Fed will raise rates by half a percentage point this month, with three more increases expected this year. However, as inflation accelerates, there will be a debate about whether these rates should be raised more often in 2022 or by larger steps – perhaps as high as 1% at any given time.

Some experts believe the inflation increase is behind us. Paul Ashworth, chief U.S. economist for Capital Economics told The Wall Street Journal he believes that oil prices would soon decline and supply constraints ease and therefore “March should be the peak.” One of America’s most prominent economists and a former Treasury Secretary disagrees. Larry Summers believes that inflation will be troubling enough to cause a recession. (Inflation seems to have hit all parts of life. Here are 25 museums where ticket prices have risen the most.)

There is little reason to believe oil prices will drop based on current geopolitical conditions, which have triggered bans on the purchase of Russian crude. Car prices almost certainly will not moderate. Supply chain problems that have added to the cost of several items do not appear ready to be resolved soon. And the price of certain meats and grains have risen for over a year, implying longer-term issues. The February numbers may not be the worst this year.

24/7 Wall St. reviewed the BLS recent CPI release and listed household items whose prices increase by over 10% in February of 2022 compared to February 2021.

Click here to see the price of which household item is soaring

Source: Neydtstock / Getty Images

50. Roasted coffee
> Price increase, Feb. 2021 to Feb. 2022: +10.9%

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Source: LauriPatterson / E+ via Getty Images

49. Lunchmeats
> Price increase, Feb. 2021 to Feb. 2022: +11.0%

Source: Juanmonino / iStock via Getty Images

48. Admissions
> Price increase, Feb. 2021 to Feb. 2022: +11.2%

Source: tarnrit / iStock via Getty Images

47. Window coverings
> Price increase, Feb. 2021 to Feb. 2022: +11.2%

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Source: bhofack2 / iStock via Getty Images

46. Fresh sweetrolls, coffeecakes, doughnuts
> Price increase, Feb. 2021 to Feb. 2022: +11.2%

Source: Nordroden / iStock via Getty Images

45. Vehicle parts and equipment other than tires
> Price increase, Feb. 2021 to Feb. 2022: +11.3%

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Source: alfexe / iStock via Getty Images

44. Floor coverings
> Price increase, Feb. 2021 to Feb. 2022: +11.3%

Source: gemredding / Getty Images

43. Margarine
> Price increase, Feb. 2021 to Feb. 2022: +11.4%

Source: Tevarak / iStock via Getty Images

42. Eggs
> Price increase, Feb. 2021 to Feb. 2022: +11.4%

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Source: didecs / iStock via Getty Images

41. Laundry equipment
> Price increase, Feb. 2021 to Feb. 2022: +11.5%

Source: Timmary / iStock via Getty Images

40. Flour and prepared flour mixes
> Price increase, Feb. 2021 to Feb. 2022: +11.6%

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Source: EXTREME-PHOTOGRAPHER / E+ via Getty Images

39. Outdoor equipment and supplies
> Price increase, Feb. 2021 to Feb. 2022: +11.7%

Source: Santje09 / iStock via Getty Images

38. Fats and oils
> Price increase, Feb. 2021 to Feb. 2022: +11.7%

Source: Juanmonino / E+ via Getty Images

37. Fresh fish and seafood
> Price increase, Feb. 2021 to Feb. 2022: +11.8%

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Source: Group4 Studio / E+ via Getty Images

36. Motor vehicle body work
> Price increase, Feb. 2021 to Feb. 2022: +11.9%

Source: HAKINMHAN / iStock via Getty Images

35. Stationery, stationery supplies, gift wrap
> Price increase, Feb. 2021 to Feb. 2022: +12.1%

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Source: SergeyTikhomirov / iStock via Getty Images

34. New cars
> Price increase, Feb. 2021 to Feb. 2022: +12.1%

Source: YinYang / E+ via Getty Images

33. Frozen fish and seafood
> Price increase, Feb. 2021 to Feb. 2022: +12.1%

Source: eclipse_images / E+ via Getty Images

32. Men’s suits, sport coats, and outerwear
> Price increase, Feb. 2021 to Feb. 2022: +12.2%

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Source: industryview / iStock via Getty Images

31. Commodities less food and energy commodities
> Price increase, Feb. 2021 to Feb. 2022: +12.3%

Source: Bill Pugliano / Getty Images News via Getty Images

30. New trucks
> Price increase, Feb. 2021 to Feb. 2022: +12.4%

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Source: santypan / iStock

29. Infants’ and toddlers’ apparel
> Price increase, Feb. 2021 to Feb. 2022: +12.4%

Source: Elena Medoks / iStock via Getty Images

28. Fresh whole milk
> Price increase, Feb. 2021 to Feb. 2022: +12.4%

Source: Tim Boyle / Hulton Archive via Getty Images

27. Airline fares
> Price increase, Feb. 2021 to Feb. 2022: +12.7%

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Source: bhofack2 / iStock via Getty Images

26. Crackers, bread, and cracker products
> Price increase, Feb. 2021 to Feb. 2022: +12.7%

Source: Victor_69 / iStock via Getty Images

25. Men’s shirts and sweaters
> Price increase, Feb. 2021 to Feb. 2022: +12.8%

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Source: LoveTheWind / iStock via Getty Images

24. Motor oil, coolant, and fluids
> Price increase, Feb. 2021 to Feb. 2022: +13.4%

Source: 4x6 / iStock via Getty Images

23. Pork chops
> Price increase, Feb. 2021 to Feb. 2022: +13.4%

Source: MMPhotography / iStock via Getty Images

22. Women’s dresses
> Price increase, Feb. 2021 to Feb. 2022: +13.5%

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Source: Giselleflissak / E+ via Getty Images

21. Uncooked ground beef
> Price increase, Feb. 2021 to Feb. 2022: +13.6%

Source: LauriPatterson / E+ via Getty Images

20. Breakfast sausage and related products
> Price increase, Feb. 2021 to Feb. 2022: +13.9%

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Source: MeXaHuK / iStock via Getty Images

19. Oranges, including tangerines
> Price increase, Feb. 2021 to Feb. 2022: +14.3%

Source: VLG / iStock via Getty Images

18. Fresh and frozen chicken parts
> Price increase, Feb. 2021 to Feb. 2022: +15.0%

Source: vadimguzhva / iStock via Getty Images

17. Bedroom furniture
> Price increase, Feb. 2021 to Feb. 2022: +15.9%

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Source: blackCAT / E+ via Getty Images

16. Citrus fruits
> Price increase, Feb. 2021 to Feb. 2022: +16.2%

Source: gilaxia / E+ via Getty Images

15. Uncooked beef steaks
> Price increase, Feb. 2021 to Feb. 2022: +16.9%

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Source: Zinkevych / iStock via Getty Images

14. Furniture and bedding
> Price increase, Feb. 2021 to Feb. 2022: +17.1%

Source: Giselleflissak / E+ via Getty Images

13. Uncooked beef roasts
> Price increase, Feb. 2021 to Feb. 2022: +18.6%

Source: bhofack2 / iStock via Getty Images

12. Bacon and related products
> Price increase, Feb. 2021 to Feb. 2022: +18.8%

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Source: knowlesgallery / iStock via Getty Images

11. Propane, kerosene, and firewood
> Price increase, Feb. 2021 to Feb. 2022: +19.1%

Source: hikesterson / iStock via Getty Images

10. Living room, kitchen, and dining room furniture
> Price increase, Feb. 2021 to Feb. 2022: +19.3%

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Source: MarianVejcik / Getty Images

9. Utility (piped) gas service
> Price increase, Feb. 2021 to Feb. 2022: +23.8%

Source: Igor Vershinsky / iStock via Getty Images

8. Transportation commodities less motor fuel
> Price increase, Feb. 2021 to Feb. 2022: +23.9%

Source: SeventyFour / iStock via Getty Images

7. Car and truck rental
> Price increase, Feb. 2021 to Feb. 2022: +24.3%

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Source: DragonImages / iStock via Getty Images

6. Lodging away from home
> Price increase, Feb. 2021 to Feb. 2022: +25.1%

5. Gasoline, unleaded premium
> Price increase, Feb. 2021 to Feb. 2022: +33.3%

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Source: ChristiTolbert / iStock via Getty Images

4. Gasoline, unleaded midgrade
> Price increase, Feb. 2021 to Feb. 2022: +35.6%

Source: Brasil2 / E+ via Getty Images

3. Gasoline, unleaded regular
> Price increase, Feb. 2021 to Feb. 2022: +38.7%

Source: acilo / E+ via Getty Images

2. Used cars and trucks
> Price increase, Feb. 2021 to Feb. 2022: +41.2%

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Source: LoveTheWind / iStock via Getty Images

1. Fuel oil
> Price increase, Feb. 2021 to Feb. 2022: +43.6%

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