Recently the inflation rate hit a 40-year high of 8.6%. Unfortunately, inflation is an economic force that's largely beyond our control. At the same time, inflation is personal. We all feel its effects differently depending on how we earn or spend.
Instead, we focus on what we can control:
- Spend less and save more
- Pay down variable-interest debt
- Shop for goods and services not increasing in price
The retail price of field-grown tomatoes rose slightly in 2021, up two cents to $1.91/per pound versus $1.89 per pound in 2020. Mexico stepped up their tomato production over the last several years, allowing us to benefit. Our own Amanda Vaught plans on making this tomato tart this summer.
2. Chicken Wings
After skyrocketing in 2020 and 2021, the prices of chicken wings now hover just above their pre-pandemic levels. Note that these wholesale prices haven't made their way to supermarkets just yet, but wings fans should expect some relief at the store soon.
3. Arizona Iced Tea
Owner Vultaggio remains committed to the 99-cent price tag for their 23-ounce can of tea, despite prices on aluminum doubling over the past 18 months. “Consumers don’t need another price increase from a guy like me,” he says.
A darling of the work-from-home trade, Peloton stock has taken a beating over the past several months. In response, the company slashed the price on their bikes and treadmills.
5. Go to the movies
The average ticket price has held steady at $9.17 since 2020 (up from $9.16 in 2019).
Check out our recent episode of the Connecting the Dollars podcast to learn more about inflation and how it affects our investment portfolios.