Inflation 2022: Starbucks coffee, Amazon Prime and 5 other things that are more expensive this year
You're not imagining it. Everything is getting more expensive. Rising costs on products from Oreos to PlayStation5 consoles can be linked back to the supply chain crisis, container port bottlenecks and global shortages on labor and computer chips.
Bureau of Labor Statistics data shows prices have risen 7.5% over the past 12 months. This is the fasted prices have increased in the past 40 years.
Many of your favorite products have been hit by rising inflation, including toilet paper, streaming-service subscriptions, snack foods, groceries, kitchen gadgets and more. Keep reading to see what products are going to cost you more this year -- and how to spend less when it comes time to buy them.
Tide, Bounce and popular body-care brands
Procter & Gamble announced to investors that it has plans to increase prices by the end of February 2022. The company owns the laundry-care brands Tide, Downy and Gain, plus Bounty paper towels, Charmin toilet paper, and several feminine-care brands including Always, Tampax and L.
P&G executives have said the company's price increases are to offset higher costs, including labor, transportation of goods and the rising cost of raw materials such as fuel, resin and pulp.
If you want to save money on laundry detergent and body-care items, look for online deals and coupons from retailers such as Amazon. Selecting Amazon's "Subscribe & Save" button will get you an extra 5% off. You can also save a few bucks when you buy in bulk -- the 3 pack of Tide shown above ($18) currently features one of the best per-load prices on Amazon.
Tide liquid laundry detergent pouches (3 pack, 45 oz. each), $18 (regularly $22)
Tampax Pearl plastic tampons, multipack, $9.77 (regularly $12)
Food and coffee
In 2021, food giants General Mills, Mondelez International and Kraft Heinz all announced price increases for early 2022. Mondelez International, owner of Oreo, Ritz, Cadbury and Sour Patch Kids, announced a 7% price increase by January. Kraft Heinz, owner of Oscar Mayer and maker of Heinz ketchup and Kraft macaroni and cheese, announced that some product prices would increase by 20%.
The U.S. Bureau of Labor Statistics recorded that grocery-store prices increased by 6.5% over the course of 2021. The bureau found that the cost of meats, poultry, fish and eggs increased the most, rising 12.5% over the year. As of Jan. 25, 2022, the U.S. Bureau of Labor Statistics predicts that prices will continue to rise.
And it's not just food that's getting more expensive. In 2021, coffee prices reached a new multi-year high. Brazil, the world's largest coffee producer, suffered a severe drought. The drought hurt coffee harvests but did nothing to dampen the world's thirst for java. As demand increased, so did the prices. Starbucks has announced that it will be raising prices again this year, which will be the third increase since October.
The smartest way to save money here? Instead of forking over $7 for your daily Starbucks latte, you can invest in a coffee machine you can use at home -- and maybe even get a deal on that machine. Starbucks makes K-cups and Nespresso pods, so you won't need to sacrifice on taste.
Nespresso Pixie espresso machine by Breville, $158 (regularly $220)
Keurig K-Slim coffee maker, $90 (regularly $130)
KitchenAid XL cold-brew coffee maker, $130 (regularly from $140)
In 2021, home appliance company Whirlpool announced price increases between 5% and 12%. The brand, which also owns KitchenAid and Maytag, is considering more price increases moving forward as well. Whirlpool has attributed the decision to escalating material costs.
Experts say appliances are in short supply. They point to the rising cost of raw metals, a semiconductor chip shortage, and shipping delays.
Still, despite these supply issues, we found deals on home appliances that you can shop right now.
Samsung StormWash dishwasher, $899 (regularly $1,150)
Samsung Smart Dial front load washer, $799 (regularly $1,200)
You can also save on a matching Samsung dryer. You can even arrange for delivery and haul away of your old dryer via the Samsung website.
Samsung Smart Dial electric dryer with Super Speed Dry, $799 (reduced from $1,200)
The used car market has been hit by inflation -- hard. Used car prices increased a stunning 39% over the 12-month period ending November 2021, with the average used car now costing more than $29,000. This price increase has been caused, in large part, due to a chip shortage limiting the availability of new cars.
The good news here? The sharp increase in used car prices means you'll likely get more cash for your trade-in. You can check the value of your trade-in by visiting your local dealer, or by using a service like Carvana.
Check your car's sale value at Carvana
The United Nations Conference on Trade and Development has said that furniture prices could rise by more than 10% between 2021 and 2023. They attributed supply chain issues, container and labor shortages and higher container freight rates to the rising cost.
In 2021, Ikea announced that it will be raising prices by an average of 9%. The affordable furniture brand said the increase is due to continued transport and raw-material constraints.
Of course, Ikea isn't the only store with affordable furniture. If you're looking for a furniture deal, there are great pieces on sale at Wayfair, AllModern and more.
Novogratz twin wide velvet split back futon, $550 (reduced from $814)
The streaming service raised its monthly subscription fee in January 2022. In the United States, the standard Netflix plan rose by $1.50 to $15.49. The basic plan increased by $1 to $9.99 and the Netflix premium plan rose by $2 to $19.99.
New Netflix subscribers will pay the new price as soon as they sign up, but current subscribers will be notified 30 days before their price changes, unless they change plans.
The streaming giant told CBS News the brand is upping prices so that it can continue to offer a wide variety of entertainment options.
Netflix isn't the only streaming service out there. It's not even the most affordable. For instance, Pluto TV is free. And other streaming services, such as Paramount+ and Peacock, start at just $4.99 -- half the price of Netflix's basic plan.
CBS Essentials, Pluto TV and Paramount+ are subsidiaries of Paramount.
Paramount+ subscriptions start at $4.99
Peacock offers a variety of subscription plans, including one for free. The NBCUniversal streaming service offers a free plan with limited ads, a $4.99 premium plan with access to live sports and events, as well as an ad-free plan for $10.
The Roku Channel is Roku's free streaming channel for anyone with a Roku account. The Roku Channel lets streamers watch TV, movies, sports and more with supported ads. You also have the option of paying for premium channels such as HBO, Starz and Showtime.
Amazon's Prime membership rates are going up. In February, Amazon will increase the annual Prime membership cost to $139 from its current $119. Prime members who pay monthly will go from paying $12.99 a month to $14.99 per month.
The company attributes the price increase to growing wages and transportation costs.
New Prime members will be charged the higher price starting Friday, February 18. Current members will start seeing the higher price after March 25, whenever their membership renews.
The good news is that there is a way to lock in the old rate, at least for a while. You can't renew an existing Amazon Prime membership early, but you can buy yourself a gift subscription to Amazon Prime for $119 and then activate it once your current membership expires.
Amazon Prime membership (1 year), $119
If the Amazon Prime price hike bowls you over, consider joining Walmart+. Their monthly shopping membership is $12.95 a month or $98 a year. The Walmart+ membership grants you free delivery from your Walmart store, early access to Walmart deals, free shipping on any item with no minimum cost, member prices on gas and money off on certain medical prescriptions.
Walmart+ is currently offering a 30-day free trial, though only paid subscribers can take advantage of early access events (such as member-only PS5 restocks).
Walmart+ membership (1 year), $98
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