6 Things That Will See a Price Increase in 2024
How did 2023 go? Well, inflation rates have been slowing, we haven't seen the same level of supply chain issues we did a few years ago, and crop failures haven't seemed to dominate every season. That said, we're still dealing with higher prices overall, and we don't know for sure when costs will fall again.
While this isn't great news, it helps to know what will be more expensive in 2024. Then you can plan accordingly and adjust your budget to avoid any unnecessary expenses. Keep reading to learn about the food, cars, and other items that will likely see price increases in 2024, and our tips that could help you save on them. And get to feeling better by checking out our list of items that will likely be cheaper in 2024.
6 Things That Will See a Price Increase in 2024
1. Medicare Premiums
If you rely on Medicare for health care coverage, you may already know the first bout of bad news on the list: premiums are going up. Medicare parts A and B will both see higher prices in 2024, while folks with Medicare Part D could see an income-related adjustment.
SEE ALSO: The 78 Best Senior Discounts to Use
Here are the price increases to expect with Medicare Part A:
- The inpatient hospital deductible is going up by $32
- The daily hospital coinsurance for lifetime reserve days will increase by $16
- The daily hospital coinsurance for days 61-90 will increase by $8
- The skilled nursing facility daily coinsurance for days 21-100 will increase by $4
Medicare Part B is increasing in price, as well. That's reportedly due in large part to a new Alzheimer's disease treatment being released and the cost being pushed onto beneficiaries. In this case, Medicare Part B costs will go from $164.90 to $174.70 — almost $10 more per month.
Pro Tip: If you're on Medicare right now and want to be prepared for this year, look into your coverage and see if you can expect a price increase. More information on 2024 Medicare premiums and deductibles is also available on the Centers for Medicare & Medicaid Services website.
Pork may be known as "The Other White Meat" thanks to an advertising tagline, and it's often considered an affordable protein choice, depending on the cuts you opt for. Unfortunately, there's a chance pork prices could go higher in 2024. That may end up forcing many households to adjust their meal plans.
Prices could increase due to the passing of California's Proposition 12. It mandates larger housing spaces for pigs, cows, and chickens. Some farmers are facing large costs to make their barns compliant, which could lead to them being able to produce less pork this year. If demand remains at the same levels, that could drive the prices of the pork supply up.
Pro Tip: If you can, stock up on larger cuts of pork, such as shoulders. Stores like Costco and Sam's Club could be good for these purchases. You can typically get a better price per pound, and the meat should be large enough that you can split it and use it for at least a few different meals.
3. Tesla Model 3 Cars
The cheapest electric vehicle in Tesla's lineup is going to be more expensive in 2024. That's primarily because certain Model 3 vehicles lost their U.S. federal tax credit. The full credit was $7,500, but the Model 3 Rear-Wheel Drive and Model 3 Long Range lost that purchase tax credit in 2024.
Pro Tip: If you were planning to buy a Tesla Model 3, but didn't do so before the end of the year and still want an EV, consider looking at other companies. More and more are getting into the EV game, providing affordable options for eco-conscious consumers that go beyond a hybrid Toyota Prius.
According to Gro Intelligence, the cattle population in the U.S. is already at its lowest number since 2015, and the expectation is that numbers will continue to shrink this year. As of September 2023, the number of animals being harvested for meat was also down year over year, Gro Intelligence states on their website. So the supply is much smaller.
All of this means beef wholesale prices were reaching record heights in 2023. And Gro reports that prices were further expected to be about about 12% to 15% more than 2022. Worse, the prices are predicted to keep going up in 2024, and retail beef prices could continue to set records, as well. And while that means many consumers would typically look to cheaper proteins like pork and chicken, as we've already noted, pork may not be a viable option for some households.
Pro Tip: Try to buy beef from warehouse clubs and opt for generally cheaper cuts like eye of round. Then divvy up the package to use with different meals. Alternatively, lean into alternatives like chicken or consider more meatless options to save on your grocery bills.
5. Postal Stamps and Services
We saw the price of Forever stamps go from 60 cents to 63 cents at the start of 2023, and up to 66 cents in the middle of the year. Now we know that the U.S. Postal Service is planning to increase prices on both stamps and services on January 21, 2024. Forever stamps would cost 68 cents instead of 66 cents, for one thing. Here's what the average Shipping Services price hikes will look like:
- USPS Ground Advantage will increase by 5.4%
- Priority Mail will increase by 5.7%
- Priority Mail Express will increase by 5.9%
Pro Tip: Even with these price hikes, there's a good chance the Postal Service is still the most affordable shipping option for many people. Take some of the stress out of mailing by giving yourself plenty of time to send items out. This way, you can avoid having to pay for expedited rates, which will be even more expensive than the base increases.
6. Paris Metro Rides
Heading to Paris over the summer? The city is hosting the 2024 Summer Olympics, and depending on when you're traveling, you may have to pay more for your rapid-transit rides.
It's no surprise that local prices can soar like a pole vaulter when the Olympics come to town, but what makes it worse is if the reason you're in town isn't even to attend the Olympic Games. The price of Metro tickets is slated to increase between July 20 and September 8, which are approximately the dates of the Olympics and the Paralympics this year. During that time, a single ride will go from about €2.10 to €4. A pack of 10 tickets, meanwhile, will go from €16.90 to €32.
Pro Tip: If you've not yet planned a trip to Paris for summer 2024, consider traveling before the July 20 price increases go into effect. That's assuming you're going to Paris for a reason other than the Olympics, of course! But what if you've already planned a trip that falls during the dates with Metro price increases? Consider giving yourself more time to get around the city and plan your excursions to be more efficient to cut back on transit costs.
Feel like saving what you can after reading all that? Check out our Staff Picks page with our "best of the best" deals, and follow us on Facebook to stay on top of the latest deals and saving opportunities.