It may seem that everywhere you turn, costs are going up. Earlier this year, Chipotle raised its menu prices by about 4 percent. Food products …
It may seem that everywhere you turn, costs are going up. Earlier this year, Chipotle raised its menu prices by about 4 percent. Food products were 2.4 percent more expensive in June 2021 than in June 2020. Used cars are creeping toward the typical tag of a new car, and rent prices are up 7.5 percent nationwide. “We’re currently seeing price increases across the major segments that impact consumers’ wallets,” Henrique Aveiro, director of machine learning and AI at Insite AI, told The Epoch Times. Insite AI helps consumer goods manufacturers and brands with revenue cycle management and decision-making using artificial intelligence. “The only food subcategory that had declining prices was cereals and bakery products,” Aveiro said. Looking a little further down the line can also spark concern. PepsiCo reported its intent to raise prices in 2021. Toymakers Hasbro and Mattel echoed plans to increase prices during the second half of the year. Whirlpool’s appliances will get stickers with increases between 5 and 12 percent. “Our data shows that inflation will grow more over the next couple of months as businesses recoup their pandemic losses,” Aveiro said. While the rising prices may seem to indicate tough financial times ahead, knowledge of the causes behind the hikes can be powerful. Over the course of time, the cost of goods and services rarely remain steady. Prices typically rise approximately 2 or 3 percent from year to year during periods of low inflation.
