– Food and beverage costs have increased by 18%
– Transportation costs have increased by 16%
– Housing costs have increased by 23%
– Medical costs have increased by 32%
Austin, Texas, is arguably the hottest real estate market in the country, with home prices up more than 40 percent since last April. According to Zillow the estimate of my home’s value in the San Fernando has increased by 5.1 percent in the past 30 days.
Car dealer lots have only a fraction of the vehicles — both new and used — that they typically have. That’s helping send prices to record levels and lifting the nation’s overall inflation rate. About two-thirds of car buyers paid within 5% of the sticker price in May, with some even paying above sticker.
Your next Costco run could be more expensive as the company warns of expected price hikes for key goods, including trash bags, cheese, plastic plates, and beef. My favorite Choice tri-tip steak has increased from $8.00 per pound to $11.00 per pound in the past six weeks.
Whether this is a temporary price bubble or a new long term period of inflation, one fact remains unchanged. The Federal minimum wage is $7.25 per hour. That wage was set on July 24, 2009.