What You'll Pay More For In 2012
January 11, 2012, 9:50 PM
SIOUX FALLS, SD -
From food to utilities, you can expect to pay more for many necessities this coming year.
Here's what you'll cost you more in 2012:
It seems like rising food prices are a constant and that's no different for 2012. The USDA forecasts food prices to increase about 3 percent overall this year; with beef prices going up the most. You can blame it on the drought in Texas and Kansas for reducing herds. Some cuts of beef are up as much as 20 percent wholesale already. And if you think milk couldn't go any higher---at about $4 a gallon on average, it could. Milk is expected to be more expensive this year.
Booking a vacation? Expect to pay more. American Express says both airfare and hotel rates will increase in 2012. According to the credit card company, airplane tickets could rise as much as 7 percent and hotel costs will rise between 1.5 percent and 6.5 percent.
The price of a college education is also rising as usual. This year to make up for budget cuts, the South Dakota Board of Regents raise tuition and fees by nearly 7 percent. South Dakota now ranks fourth-highest in the region for tuition and mandatory fees.
It will cost you more to flip on the lights at home, run your air conditioner or furnace. Several energy companies that operate in South Dakota are raising rates, Xcel Energy has raised rates just this month by 12 percent in South Dakota but that's temporary. The Public Utilities Commission is still working with company with what the permanent increase will be. And Northwestern Energy raised natural gas rates by 3.3 percent.
HOME OWNERS INSURANCE POLICIES
And your home owners insurance may also be rising. In South Dakota about a fourth of the insurance companies that offer home owners are raising rates by on average by nearly 8 percent. Not everything is going up--- some electronics should be dropping in price, like tablets and 3D HDTVs are also going down.
And if you're a wine connoisseur you're in luck. Competition in the wine market means prices will actually fall in the coming year.
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