3 On Your Side: More Expensive in 2014
By Jim Donovan
PHILADELPHIA (CBS) — Get ready to dig deeper into your wallet this year. That’s because the cost of some of your favorite things is going up, way up in 2014. 3 On Your Side consumer reporter Jim Donovan takes a look at seven items that could give you sticker shock.
Chipotle Mexican grill is so popular, people have written songs about the chain restaurant.
But fans may be singing a different tune come the middle of this year because Chipotle is on the verge of increasing its prices.
“They’re looking to switch to non-genetically modified ingredients including their oils, which is expensive,” said Mark LoCastro with DealNews.com
How much of an increase is still up in the air but it’s estimated between 3 and 5 percent.
“They’re passing that cost on to the consumer which is unfortunate but it will be healthier for them in the long run,” said LoCastro.
Also costing consumers more this new year, milk.
“The increase is due to the increase demand in exporting the product and also because of Congress’ issues with passing tax subsidies for agriculture so that created a perfect storm for milk prices to increase in 2014,” said LoCastro.
Right now, skim milk costs about $3.50 a gallon while whole milk is more than $4.00. These prices are expected to increase between ten and twenty cents a gallon within the next three months.
And that’s not all. The cost of a first class postage stamp will increase by three cents to 49 cents later this month.
Traveling with your pet on a plane will cost more than ever. Southwest, which offers the cheapest pet fee, at $75 is raising it to $95.
Bakers will be force to shell out more for pecans this year thanks to record rainstorms that depleted the nut’s crops by 35%.
And if you’re a wine lover, that bottle of Bordeaux might break the bank in 2014 thanks to foul weather that caused a dismal grape harvest in France.
“On the flip side, Spanish wine makers were bountiful last year so their prices should actually do down a little bit,” said LoCastro.
Finally, beef prices are also expected to rise this year, 3 to 6 percent, the result of smaller herds.