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5 price hikes you and your family should expect

Published: Friday, July 4 2014 6:05 p.m. MDT

Updated: Friday, July 4 2014 6:05 p.m. MDT

Thought you would be able to save money this summer? Think again. Five things we do or use every day are expected to rise in price soon.

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Summer is a time for vacationing more than usual and making memories. But what other increases will you and your family see this summer?

Here’s a list of five things that may be rising in price soon:

Using the bathroom

Yes. You read that right.

It would actually make sense for budget airlines, like Southwest Airlines, to start charging people for using the bathroom, according to FiveThirtyEight.

On Monday, Luke Jensen and Brian Yutko wrote on FiveThirtyEight that airlines often spend a lot of money to carry certain things on their planes — like water bottles, in-flight entertainment and magazines. But by charging people for going to the restroom, they could actually save money, Jensen and Yutko noted.

“If airlines were extremely aggressive about weight savings, they could provide incentives for passengers to go to the restroom before getting on a flight; doing so could save Southwest about $2.1 million per year,” Jensen and Yutko wrote.

Gas prices

You’ve heard it before, and you’ll surely hear it again. Gas prices are going up. But it might not be for the reason you think.

The Daily Signal reported that it’s a complicated and complex reason for the increase in gas prices, but a lot of it has to do with the prices of different biofuels, mostly due to customer demand.

“The failure of advanced biofuels — especially cellulosic ethanol — to meet targets, along with the constraints of blend walls and consumer rejection of E85 gasohol, would force the oil industry to pay fines for producing fuels consumers do want and take huge losses on forced production of fuels consumers don’t want,” The Daily Signal reported.

This will lead to gas prices on July 4 reaching their highest levels since 2008, Fox News reported.

Minimum wage

Will Congress raise the minimum wage?

Well, some companies aren’t waiting to find out.

The Huffington Post’s Rebecca Hiscott wrote last week about seven different companies that are raising their minimum wages. The list includes Ikea, Gap Inc. and Costco, among others, Hiscott wrote.

“So some businesses, like Ikea, are taking matters into their own hands and raising wages without a federal mandate telling them to do so. The move doesn’t just reflect a concern for workers’ quality of life — it’s also a shrewd business tactic that helps retailers attract top talent,” Hiscott wrote.

Grocery bills

Find yourself struggling to shop at the grocery story because of the prices? You’re not crazy. Prices are actually going up.

Matt Phillips of Quartz reported on June 18 that the overall prices of grocery bills are on the rise. Some of it has to do with California’s drought and because of higher feed costs overall, Phillips wrote.

“The recent price-climb is one of the fastest since 2011, when a spate of bad weather drove up the cost of food commodities such as wheat and corn. High feed costs and drought also seems to be behind some of the current food price spikes,” Phillips reported. “For instance, beef costs have surged in recent months, though the increases slowed slightly in May.”

Student loans

Just when you thought they couldn’t climb any higher.

Interest rates are expected to go up on July 1 for new federal loans, according to The Associated Press. Despite people speaking out against the rising interest rates, the upcoming increases could be a sign of the future as far as student loans are concerned, the AP reported.

“If the economy continues to improve, however, these kinds of rate hikes could continue,” according to the AP. “Congress stipulated that the rates for new loans be reset annually but that borrowers keep the rate they were given for the life of the loan.”

Email: hscribner@deseretdigital.com, Twitter: @herbscribner

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