Service of Inflation—I’ll Say!
August 10th, 2023
Categories: Health Insurance, Inflation, Retail, Transportation
It was 10 years ago this month that in my blog I hit the subject of inflation head-on even though we’ve been hearing about it more recently for a few years now. Some price increases of late have taken my breath away.
According to US Inflation Calculator, “The annual inflation rate for the United States was 3.0% for the 12 months ended June, according to U.S. Labor Department data published on July 12, 2023. This follows a rise of 4.0% in the previous period.”
OK, I’ll be a sport and give a company or service the green light to increase their prices by 5 percent. But that’s not what’s happening.
Energy
I go through AA batteries like a hotdog stand does mustard. When I run out–in about a year and a half–some Connecticut friends buy me a giant pack from Costco. The previous purchase cost $20 for 48. The new pack costs $24 for 28. The manufacturer claims that these last longer. They had better!
I was away for 10 days in early June, and nobody stayed in my apartment which most would describe as small. Con Edison reported that I’d used 27 percent less electricity than the previous period. Huh?
Here’s to Your Health
I just got a notice from my supplemental health insurance to expect my premium to increase 12.4% next year.
Don’t Go There
Cars taking the nine MTA bridges and tunnels that don’t have E-Z Pass will pay 10% more. As of last Sunday, those with the pass, +5.5%.
By the end of the month, bus and subway riders will pay an additional 5%.
Anticipated congestion pricing of $23 in Manhattan gives many of us the shivers.
Hop into a yellow taxi at rush hour and before you move one inch, you’re facing $9.00 on the meter.
Do you have examples of services and manufacturers that might be taking advantage of all the talk about inflation by stepping on the gas with their prices?
Linda on Facebook: Seems like EVERYTHING has gone up. Even Dollar Tree prices are $1.25 apiece! Like a ferris wheel–who knows when it will stop.
Linda,
Do you think it’s all legit or that some take advantage of the inflation conversation?
Linda on Facebook: Have no idea. But since it’s everywhere, I hope it’s legit and just assume it’s the new normal.
EAM on Facebook: Yes, my landlord said the waste management service doubled. All hospitality and restaurant services along with theater prices have toppled over.
EAM,
Gosh. I shudder to think what my next rent increase will be. No doubt the cost of garbage pickup in NYC–along with everything else–is through the roof.
I have shock every time I go to the supermarket. I cannot understand the multiple dollar increases on EVERYTHING! I also notice the ever shrinking packages of frozen foods with constantly higher prices. Restaurants spiral upwards, but service péople still can’t get a decent wage and depend on tips. I don’t believe any of it is necessary, fair or honest!
Here is a good example: I love sparkling water. I will buy La Croix or a store brand. I recycle the cans for pet rescue, so I don’t feel guilty. The price runs about $4.00 to $4.50 for a carton. This is for a carton of twelve. Now, instead of twelve, the cartons contain eight cans but the price has not changed! Same with the CVS or Target brands. Inflation, yes.
Deb,
Trader Joe’s has kept its prices steady for the most part. Nevertheless there is inflation creep. I love the sparkling water that until recently was 79 cents a quart and is now 99 cents. Fat free milk went from $1.29 to $1.49. The same type and size milk at a rip-off grocery store nearest my apartment sells for $2.69. The difference between Trader Joe’s and this store’s used to be twenty cents.
Martha,
Very good point about service people’s wages.
I envision a sweater someone is knitting that is full of mistakes and what needs to happen is for the knitter to unravel the work to the first hole and carefully start again. The sweater with holes represents the financial inequity in this country. There have always been poor and wealthy people–which is normal. But the difference in wages/compensation between heads of corporations and workers is cockamamie.
I asked GOOGLE a question and this is what I found: “CEO compensation is very high relative to typical worker compensation (by a ratio of 278-to-1 or 221-to-1). In contrast, the CEO-to-typical-worker compensation ratio (options realized) was 20-to-1 in 1965 and 58-to-1 in 1989. CEOs are even making a lot more—about five times as much—as other earners in the top 0.1%.”
Talk about INFLATION!!!!!!!