With coronavirus restrictions lifting and businesses opening back up, many are expecting an economic boom that may affect your summer grocery shopping list.
Business may find so much success that the price of common household necessities and grocery store items are expected to increase in the coming months, according to Thrillist.
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A recent analysis from "Forbes" identified several reasons why COVID-19 impacted prices and may cause them to increase in the near future. During the pandemic, shipping restrictions made it difficult to receive international imports, and a battle between supply and demand raised prices of everyday necessities like toilet paper and cleaning products. Big companies are now looking to capitalize on their losses.
Forbes identified seven types of products that are likely to see the highest inflation. Here's what to look out for:
Wine, beer, and liquor
Tampons, diapers, and toilet paper
Potted plants, flowers, and home gardening supplies
Lumber
Refrigerators and major appliances
Used cars
Houses
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None of these price hikes are permanent, and some items are expected to see a drop in cost over time. While the price of alcohol saw an upward trend throughout the pandemic, prices are expected to drop off after 2022, according to Silicon Valley Bank Wine Division.
As the battle for supply and demand stabilizes in the next few months, people can also expect the price of lumber and materials to fall by the end of the year, Bloomberg reports, hopefully bringing an end the lumber shortage affecting land developers nationwide.
While the exact day that people will see prices go up is unclear, now is a good time to start saving some extra cash to help you and your family stay on track in 2021.
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