5 Things That Are Going to Cost Your Family More This Summer
Summer is just around the corner and with it, rising prices. While the cost of most items has held fairly steady over the past year, as measured by the Consumer Price Index, that’s not true across the board. Consumers will have to reach deeper into their wallets to pay for certain things, like some groceries and travel expenses, in the coming months.
Even gas prices, which are down significantly from 2014, are on the upswing. A gallon of gas cost 26 cents more at the end of May than it did a month earlier, according to AAA. Still, a gallon of gas is almost a dollar less than it was a year ago and is at its lowest point since 2009. That’s good news for anyone planning a road trip this summer. Airfares are also down 2% from 2014, AAA found.
Unfortunately, consumers may have to take their savings at the pump and use them to cover the risings costs of other summer activities, including visits to theme parks with the kids, meals out at certain restaurants, and hotel stays. Budget-minded families will need to account for those extra costs as they plan summer activities.
To help you do that, we’ve put together a list of five items that you’re probably going to have to pay more for this summer than last.
1. Theme park admission
Admission to Disney World broke the $100 barrier earlier this year. A single-day ticket to the Magic Kingdom costs $105, compared to $99 in 2014. Disneyland admission is slightly cheaper but still more than last year, $99 compared to $96. Prices are also up at Knott’s Berry Farm and Universal Studios Hollywood.
In-park spending is also steadily increasing. Cedar Fair, which owns Knott’s Berry Farm and 13 other amusement parks around the country, says that the average guest spent $45.14 per day at its parks in 2014. Per-day spending has gone up every year since 2010, when it was $39.21, according to the company’s April 2015 investor report.
Theme park deals can still be had if you know where to look. SeaWorld, which has been struggling as of late, recently reduced weekday admission at its Florida park by $5. A one-day advance purchase ticket now costs $70.
A devastating bird flu is pushing egg prices up across the country, as farmers in Minnesota and Iowa have had to slaughter millions of infected birds in an attempt to stop the spread of the virus. Reduced supply means that the price of dozen eggs is already creeping up in the Midwest, where the wholesale price has climbed from $1.19 to $1.78, CNN reported.
Restaurant suppliers and food manufacturers, which purchase large quantities of eggs, are feeling the pinch even more. Eventually, that could mean higher prices at restaurants (expect to pay more for your omelette or Egg McMuffin), as well as for egg-heavy products like mayonnaise.
Turkeys are also falling victim to the avian flu, which could mean you’ll eventually pay more for that sandwich at lunch. Prices for the turkey meat most often used in deli sandwiches is up 10% to about $3.37 a pound, after 5.6 million turkeys had to be slaughtered.
Turkey farmers and trade groups are also warning that consumers might have trouble buying a bird for the Thanksgiving table if the problems in the poultry industry continue through the summer.
Not only will your week at Disney cost you more this year, but you should expect to shell out more for a hotel, too. Lodging costs are up this year compared to last, according to AAA. The average night in a mid-range hotel is $144 a night, 16% more than last year.
Increased demand is helping to drive nightly hotel rates higher, and last-minute deals could be harder to come by at some chains.
“If you know you are going to sell out and you are waiting to sell those last two rooms you know you can charge almost anything for those rooms,” David Loeb, an analyst at brokerage Robert W. Baird, told Reuters.
Chipotle addicts will soon have to shell out more for steak and barbacoa. The chain expects to increase prices for items containing those ingredients by 4% to 6% in the coming months. Until now, Chipotle has been charging below-market prices for those meats.
“We lose money any time someone comes in and thinks about getting chicken and gets steak instead,” the company’s CFO John Hartung said during a conference call with analysts.
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