A year of shutdowns and intense supply and demand shifts in different industries has inevitably led to new price expectations. In this blog, we’ll examine four products that are becoming more expensive in 2021.
2020 was a challenging year for several different sections of the food industry. Farmers were no exception to this phenomenon. Beef manufacturing plants suffered some of the highest costs in supply shortages, which has caused the price of beef steaks to rise 10.8 percent.
The U.S. Bureau of Labor Statistics states that the USDA Choice boneless steak cost has risen by an unprecedented 19.3 percent. Although beef is delicious to include in your favorite meal, adding this product to your grocery list is highly expensive this year.
Last year’s global shutdowns also largely affected the construction and pallet industry. One of the most noticeable consequences of these supply and demand changes is the continuously rising price of lumber. Several different factors are contributing to the growing cost of lumber.
For example, lumber tariffs affect the price of lumber, temporary mill shutdowns, and rampant wildfires. With fewer lumber resources available to harvest, the cost of this product will grow and continue to affect the construction and pallet industry.
After a year of working from home and staying inside, home improvement projects became a common theme for many homeowners. Online shopping trends show that sales for furniture and home décor surged in April of 2020. With this growing demand also comes growing prices. Furniture is one of the most common products that is becoming more expensive in 2021.
Hand Sanitizers and Cleaning Supplies
According to CNBC, the CEO of Purell sanitizer predicted the demand for hand sanitizer to remain exponentially high in 2021. Just last year, Purell invested $400,000,000 into expanding sanitizer production. This investment yielded a sales surge of 568 percent. The price of sanitizer and cleaning products will continue to grow consistently over the next year.
As different industries struggle to obtain a balanced supply and demand cycle after the inconsistencies of the past two years, it’s crucial to pay attention to some of these drastic economic changes. As we pay attention to these changes in the price of goods, we can better adapt our lifestyles to account for these higher expenses.