If you compare your living expenses to, say, two years ago, chances are you're spending a lot more nowadays.
That's because just about everything in the U.S. — from cars to hotels to groceries — is more expensive these days.
Related: Food costs a fortune — but these Trader Joe's items are still reasonable
That's bad news for penny-pinching consumers, who've seen prices continue to increase over the past few months. According to August's Consumer Price Index, prices increased 0.6% — the largest of 2023.
Here's a quick breakdown of what's pricier over the last 12 months, according to the most recent CPI report:
- Food: increase 4.3%
- Electricity: increase 2.1%
- New vehicles: increase 2.9%
- Apparel: increase 3.1%
- Medical care commodities: increase 4.5%
- Transportation: increase 10.3%
And in 2022, food prices jumped 10.4% overall. Life is more expensive, whether you're staying at home and meal prepping every night or traveling to stay with family or friends.
And let's not even mention shrinkflation, when food or consumer goods producers sneak less product into similarly sized packaging and charge just as much for it.
Consumers share what they're giving up due to expenses
There's no getting around it; life is more expensive. So some consumers are sharing what they're giving up because they simply can't justify the cost anymore.
A recent post on the Subreddit /AskReddit went super viral after a poster asked "What is no longer worth it because of how expensive it has become?"
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Suffice it to say, the people sounded off.
Here were some of the top answers.
- "most fast food," the top respondent wrote.
- "How everything is now a subscription. Ok, I guess I don’t need it." another posted.
- "Footlong sweet onion teriyaki from Subway and normal drink was 14 dollars at Subway yesterday in Miami. I'm done with them forever," another wrote.
- "Junk food. $6 for a bag of Lays? I’ll eat some damn baby carrots and hummus for less. Can’t remember the last time I had a Coke either," one wrote.
- "Air BnB...All of the add-on fees usually drive the cost higher than an actual hotel stay in the same area," another popular post read.
- "Doritos. $6.99 USD WTF?" one user questioned.
- "Cable Television," one wrote.
- "Concerts! By the time all the extras and fees are applied they're out of reach," one suggested.
- "Gestures broadly at everything," one metaphysical thinker wrote.
Other top responses including thrifting, with one user writing, "All of the thrift stores I used to go to have increased prices. On top of that garage sales are crazy."
Some were more concerned about the bare cost of living.
"I honestly don't know how to survive anymore. Everything is getting more and more expensive, yet no one is getting a raise. Something has to give," one wrote.
