What will be more expensive – CNN – Archyde

A combination of tight supply and high demand has pushed up orange prices ascending. Frozen orange juice futures are up 50% over the course of the pandemic, hitting a two-year high on Thursday. Citrus diseases and bad weather affect the orange harvest in the US and worldwide. And then there’s just bad timing, as demand for orange juice has been down in recent years but experienced a spike during the pandemic — U.S. sales of 100% non-concentrated juices surged from $5 billion in 2019 to $5.5 billion in 2020 and stayed at that level for most of 2021.
Florida had such a small harvest last year — just 44.5 million cases of oranges — the lowest harvest since the 1944-45 season. In contrast, in the years 2019 to 2020, 73.2 million boxes were harvested. Brazil also faced a historic drought that shortened its harvest 31% from the 2019-2020 season.

“You have your classic supply-demand mismatch,” said Shawn Hackett, president of Hackett Financial Advisors, which specializes in soft commodity analysis. As a result, Consumers should expect “much higher prices in the supermarket”.

Houses

The median home selling price was $346,900 in 2021, up 16.9% from 2020. This is the highest climb on record since 1999 according to the National Association of Realtors.

The real estate market frenzy has been a boon for the typical homeowner, who has amassed $50,200 in real estate wealth considering the median price jump from 2020 to 2021.

“That’s a significant wealth increase for homeowners across the country,” said Lawrence Yun, NAR’s chief economist. “The housing market has seen spectacular growth over the past year with increasing sales and rising prices. But inventories are at an all-time low.”

The inventory of unsold existing homes fell to a record low of 910,000 at the end of December, down 18% from November.

laundry detergent

Proctor & Gamble announced this week that it will increase the prices of its Tide and Gain laundry detergent, Downy fabric softener and Bounce dryer sheets by an average of about 8% for retail customers over the next month.

The company attributed the price increase to cost pressures, including transportation, labor and the raw materials it uses to manufacture its products. The US producer price index, a measure of the prices manufacturers pay, rose 9.7% over the past year.

Gas

The prices at the pump are rising again. Crude Oil climbed above $81 for the first time in two months and gasoline prices are rising again.

“This is a terrible situation. Gas prices are in this political danger zone,” Helima Croft, head of global commodities strategy at RBC Capital Markets, told CNN.

According to AAA, the national average for a gallon of regular gasoline rose a cent since Monday to $3.32 on Thursday. On Friday, it hit an average of $3.326.

Iowa, Minnesota, North Dakota, and Oklahoma have seen the biggest gains of 5 cents and up. Prices in Washington DC are also up 5 cents since last Thursday.

Automobile

Edmunds, According to an auto shopping website, the average price for a new car in December 2021 was $46,426, up 14% compared to the previous year. A shortage of computer chips limited the production of new vehicles, resulting in low inventories to meet the demand.

Record prices could fall, but they won’t reach them pre-pandemic level.

As inventories are expected to build up again, the pressure on prices should be less, experts say.

JD Power forecasts that the average wholesale price for used cars will fall about 9% from the fourth quarter of 2021 to the fourth quarter of this year, and prices are likely to fall further into 2023. pandemic levels.

Used car prices also rose nearly 40% year over year in December 2021, new analysis by Anderson Economic Group found.

CNN Business’s Danielle Wiener-Bronner, Anna Bahney, Nathaniel Meyersohn, Matt Egan, Vanessa Yurkevich, and Chris Isidore contributed to this report.

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