25 things that have gone up in price way more than inflation in the US
Daniel Coughlin
14 May 2018
The goods and services you're paying a premium for in 2018
Inflation may stand at a modest 2.36% in America right now, but plenty of goods and services have soared in price since this time last year. From rents and gas to lobster and computer hardware, we spill the beans on the biggest hikes.
Movie tickets: 3.6%
The National Association of Theatre Owners (NATO) has revealed that movie tickets have risen by 3.6% this year. The typical ticket price is now $9.16, up from $8.84 this time in 2017. An increase in sales of premium tickets is driving the growth.
College tuition: up to 3.6%
America's public and private universities have increased tuition fees by up to 3.6% this year according to The College Board's annual report. The inflation-busting hike has been put down to federal government cuts and higher employee costs.
Hospital costs: 3.7%
In April, healthcare research firm Altarum reported that healthcare prices are rising at the fastest level in six years, which now exceeds the rate of inflation. Hospital costs are increasing the fastest, up 3.7% this year.
Water bills: 5.5%
Water bills have been rising faster than inflation since the mid-2000s mainly to cover the cost of updating aging infrastructure. American households have been slapped with increases averaging 5.5% a year according to the Department of Labor.
House prices: 7%
House prices in the US are at a 12-year high, up 7% from last year, but analysts believe half of the biggest markets are overvalued. The fastest growing markets include Las Vegas, Nashville and Seattle.
Residential rents: up to 8%
Renting? If you're paying more for your home this year, you're far from alone. Across America, rents have risen above inflation. Sacramento has seen the biggest increase. Rents in the Californian capital are up 8% since this time last year.
Freight costs: 10%
Freight costs have increased by an average of 10% this year, which is bound to have an effect on retail prices nationwide in the near future. A shortage of truckers and increased demand from online retailers are fueling the rise.
Major league baseball tickets: up to 14%
A plethora of Major League baseball teams have hiked ticket prices well above inflation this year, but the LA Dodgers is the only team to raise the average price over 10%. A typical ticket is now 14% more expensive.
Disneyland tickets: up to 18%
Planning a trip to Disneyland this year? You'll be paying up to an additional 18% for your ticket or pass. Over in Florida, Disney World is also raising its tickets prices, and Epcot passes are up 6.5%. Disney has increased prices in an effort to reduce crowding in its resorts.
Gas: 18%
As you're probably all too aware, the price of gas has surged over the past year, reflecting the rise in crude oil prices – demand for the black stuff is high right now and supply is relatively restricted. Since this time last year, the gas price at pumps across America has risen by 18% on average.
Washing machines: up to 20%
A combination of increased demand, pricier raw materials and Trump administration tariffs are accelerating the price of washing machines above and beyond inflation. Goldman Sachs predicts the cost of a new washer could rise by up to 20% this year.
Amazon Prime membership: 20%
From May 11, Amazon Prime membership has risen from $99 to $119, an increase of 20%. Amazon had kept the price low since 2014, but mounting costs have forced the ecommerce giant to up the fee.
Lumber: up to 30%
Rising demand following last year's severe hurricane season and wildfires, plus punishing tariffs on Canadian lumber have pushed the price of sawn timber through the roof in the past year, which is likely to have a knock-on effect on the cost of new homes, furniture and more.
Newsprint: up to 30%
Trump administration-imposed tariffs on Canadian newsprint have led to higher prices in the US. Printing costs for a large metro newspaper have increased by $3 million a year and as a result, some newspapers are already raising their cover price, reducing pages and cutting back on staff.
Aluminum: 30%
Last month, the US government-imposed crippling sanctions on major Russian aluminum producer Rusal, which has disrupted the global supply of the metal and boosted its price by as much as 30%.
US Steel: 31.1%
US-made steel has skyrocketed in price since the government-imposed tariffs on imports of the metal in March. By mid-April, US steel was trading at $859 per metric ton, an increase of 31.1% from the same day last year.
Vanilla: 43%
Catastrophic crop failures and rampant theft of harvested pods in Madagascar, which produces 80% of the world's vanilla, have led to a worldwide shortage of the spice. Weight for weight, vanilla pods are now more expensive than gold and harvests are protected by armed guards.
Texas oysters: 56%
Hurricane Harvey ravaged the oyster farms of Texas, and while the industry is recovering, the wholesale price of the seafood delicacy has risen sharply – a pound of Galveston Bay oyster meat jumped from $5.50 at the start of 2017 to $8.58 at the beginning of this year.
Italian wine: 74%
Chianti and prosecco-lovers on a budget may have to stick to Californian wine this year. A spring frost decimated much of last year's grape harvest in Italy, pushing up wholesale prices by 74%, which is likely to be passed on to consumers.
Hay: 75.8%
A lack of rain last summer resulted in a poor hay harvest across America. The shortage of the essential winter animal feed has hit farmers in the wallet and a cold spring has worsened the situation, with bale prices rising by 75.8%.
Lobster: 87.5%
Bad winter weather and rising international demand have sent lobster prices soaring this year. The price per pound has leaped from $8 this time last year to $15, and the typical lobster roll is costing $47 to produce, putting pressure on restaurants to bump up their prices.
Agave: 200%
The price of agave plant, the key ingredient in tequila, has risen six-fold in the past couple of years as global demand for the potent beverage has grown to near unsustainable levels. Tequila prices are likely to rise this year as a result, making those killer shots all the more expensive.
Eggs: 223%
Whether you like them scrambled, soft-boiled or sunny side up, your eggs are much dearer this year. The wholesale price of a dozen averaged just 69 cents in April 2017 when a surplus kept prices super-low. By April of this year, the price had jumped to a hefty $2.23.
Graphics processing units: up to 300%
Bad news for gamers, graphics processing units (GPUs) have catapulted in price by 300% over the past year. The explosion in cryptocurrency mining has led to a severe shortage and tech companies are still struggling to meet the enormous increase in demand for the essential computer hardware.
Prescription meds: up to 1,468%
An analysis by Pharmacy Benefits Consultants shows a slew of pharmaceutical companies have hiked prices of common prescription meds over the past year. The worst offender is Phlight Pharma, which has upped the price of its SynerDerm skin cream by 1,468% since early 2017.
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