The Chicago Journal

Prices of 2022: the highs and lows

Edward Anderson Edward Anderson on February 13, 2023

Image source: Sky News

Prices: The United States experienced its highest level of inflation last year.

The Federal Reserve has been battling inflation throughout 2022 and has used all available options, including hiking interest rates.

Price hikes

Recent data on inflation from the Bureau of Labor Statistics show a decline in price rises to 7.1%.

Retail prices increased 7.6% (inflation unadjusted) between November 1 and December 24, making it impossible for customers to purchase gifts without going over budget.

The information was provided by the Mastercard Spending Pulse, which looks at retail purchases beyond auto sales.

The cost of holiday meals skyrocketed throughout 2022 as food prices increased faster than inflation.

Some products had remarkable double-digit growth, but others experienced no change or a drop.

Electronics

As soon as the demand for expensive electronics fell, retailers noticed a change in consumer behavior.

Prices for major electronics decreased throughout the year that ended in November.

  • Smartphones plunged 23.4%
  • TV prices dropped 17%
  • Computers rolled back prices by 4.4%
  • Major appliances fell by 1%

Several businesses, like Best Buy and Walmart, stocked up at the beginning of 2022 in preparation for supply chain problems and anticipated rises in consumer demand.

Their plans, however, were derailed by mounting prices and declining client confidence.

In addition, during the early stages of the epidemic, when people were confined, they made significant purchases or upgrades.

Read also: Real estate market hopes for consistency this year

Apparel & toys

Although slowly, apparel prices rose last year.

  • Clothing prices rose by 3.6%
  • Footwear increased by 2.3%
  • Sporting goods climbed 2.7%
  • Toys had a meager 0.6% increase

The items were a bargain despite the slight price increase because inflation surpassed it.

In December, Walmart CEO Doug McMillon made the following remarks:

“In toys, sporting goods, categories like that, prices have come down more aggressively.”

“We’re still inflated, but we’re not inflated nearly as much as we are in the other categories.”

However, because retailers overestimated client demand, there was a stockpile of extra goods.

Stores made offers to move inventory, enticing customers to make purchases.

Retailers were able to control prices as a result.

Plane tickets

The 2020 pandemic prompted air travel demand to decline, dropping to an all-time low.

However, it was revived last year.

However, the cost of travel increased by 36% yearly.

Glen Hauenstein, the president of Delta, described the increase as “unprecedented” in March.

“I have never seen… demand turn on so quickly as it has over Omicron,” said Hauenstein.

Airlines made a record amount of money in April, May, and June due to high airfares and congested flights.

Two years after the pandemic-induced lockdowns, they made a full-force comeback owing to travelers.

Gas prices

The cost of land travel increased.

The price of gasoline increased by 10.1%; however, it has since fallen from its record highs.

Gas price volatility was caused by the Russian invasion of Ukraine and geopolitical plans that depended on the availability of oil.

GasBuddy predicts the chances of the national average returning to the $4 per gallon price level could occur as early as May.

The fuel price tracking app GasBuddy does not anticipate another year of extreme volatility.

Read also: Minimum wage to go from $7 to $15 this year

Food prices

Food prices increased by 10.6% in 2022, which is more than overall inflation.

Numerous factors contributed to price increases for particular supermarket items through November 2022.

Egg prices rose by 49.1% as a result of the terrible avian influenza, a lack of supplies, and excessive demand.

Margarine prices increased by 47.4% due to the Russian invasion of Ukraine.

In addition, butter prices increased by 27% as the world’s milk supply plummeted.

Flour is an additional casualty of the Ukrainian situation.

The price of flour increased by 24.9% as a result of the disruption of the global grain market and high US transportation expenses.

In California, lettuce prices jumped by 19.8% as a result of crop disease.

Food prices increased by 12% over that period.

As the cost of eating out increased in 2022, many customers chose to accept higher prices as an alternative.

The price of dining out increased by 8.5% last year as restaurants raised menu prices to offset their rising material expenses.

Reference:

What got really expensive this year, and what got cheaper

DVLVD Apparel Fosters Acceptance to Fight Social Injustice

Jason Robinson Jason Robinson on September 24, 2020

One of Texas’s youngest full-time artists is taking a stand against social injustice. Cade Kegerreis is a twenty-three-year-old artist and founder of DVLVD Apparel. Through the art he makes for his clothing line, he hopes to spread awareness and bring understanding to others through knowledge and personal investigation.

Hailing from Waco, Texas, Cade Kegerreis graduated with a degree in studio art in 2017. After college, he sought to find his place in the industry by taking on a variety of creative jobs. It was then that he learned how to create art for a living and how to conduct business in the creative world. This experience inspired him to become an independent artist and to launch his own clothing line, DVLVD Apparel.

Amid increasingly alarming social injustice and political turmoil, Cade Kegerreis wants to use art to send a message of acceptance and unity in a time of discord. His DVLVD line of shirts and masks serves as a way to make his art more affordable and accessible. Rather than focusing on making profits, the brand is focused on maximizing its positive impact on society by making wearable art that can spark conversation and elevate the discourse.

Alongside the launch of DVLVD, Cade is also holding his debut solo art exhibit, Devolved: Unity through Evolution, Diversity, and Connection. The show is down to its last few days at the downtown Waco gallery Cultivate 7twelve (on view until Sept. 26). Eager to show his work to more art lovers, Cade is working on booking more galleries to show the series.

Being an artist and the brand owner of DVLVD gives Cade Kegerreis the unique position of producing large quantities of pieces of art that can propagate a very strong message. His evocative art is for all who wish to introspect and assess their individual effect on society. “I believe anyone and everyone can benefit from seeing my art and diving deeper into themselves,” he said.

Launching DVLVD was an eye-opening experience for the young artist. Cade has since learned that full-time artists are not only creators of art but also entrepreneurs. As artist-entrepreneurs, they not only sell a product but also sell a product linked almost completely to one’s name and identity.

In his pursuit of establishing DVLVD, Cade faced many hurdles that commercial artists often have to take on to market themselves. “Without gallery representation or an agent partnership, I could only be as big as I build myself up to be. There is a loss of desire to explore and find the truth in our world today. I’m motivated to bring easier understanding and knowledge through art. One must seek truth themselves before they truly accept it,” he explained.

Cade’s art and apparel lines are a testament to his endeavor to foster a sense of unity in these trying times. “My purpose, my call to life is bringing people together and showing things in a new way,” he said. “We all have differences, but there’s no reason for separation.”

The artist is currently working on more art and developing his brand. Learn more about what Cade Kegerreis is up to on the DVLVD website and his personal Instagram.

Cri Baby Inc. Transforms Outfitters’ Apparel from Simple to Fashionably Comfortable

Jason Robinson Jason Robinson on September 16, 2020

What was once commonly known as simple day-to-day apparel, especially for those who love the outdoors, has been transformed into something stylish and highly functional by clothing designer Christopher Danielsen, the founder of Cri Baby, Inc. By adding a little bit more creativity and a designer brand feel to his clothing line, Danielsen has successfully elevated the ordinary outfitters’ apparel to something of high value. 

Inspired by some of the world’s most well-known brands in the area of design, Danielsen draws ideas from their distinction to create his own unique style. He is successfully able to maintain their functionality and the comfort they provide to users, but he has added a bit of flair to make common apparel stand out when used. Incorporating a unique brand of excellence and creativity into his creations is making Cri Baby, Inc., one of the world’s emerging brands to watch out for. 

Danielsen’s high standards are inspired by big names in the fashion and design industries that include Kate Spade and Coco Chanel — iconic names that have left a great impact on the world. Not only have they influenced the world with their classy designs, but their lives have also served as an example to many. Their hard work and determination to succeed in their chosen career paths have effectively motivated Danielsen to continue to pursue his dreams despite the challenges that may come along. Cri Baby, Inc. is concrete proof of the realization of his dream. 

Another big name in the design industry that Danielsen looks up to is Louis Vuitton — a name that is synonymous with quality and excellence in the area of bag designs. Louis Vuitton’s influential legacy and commitment to meet the expectations of many of the world’s most demanding clientele have made the brand an unmatched force in the industry. Danielsen hopes to do the same with Cri Baby, Inc. as he develops it to become a brand that clients can trust to deliver the expected quality. 

Danielsen also draws inspiration from Gucci and boldly incorporates attractive twists to the ordinary outfitter apparel to make them more appealing without compromising comfort and functionality. Moreover, many of the Cri Baby, Inc. products are also inspired by Italian clothing designer Brandy Melville who is best known for producing one-size-fits-all designs. In comparison, Danielsen’s famous cropped top and baggy pants have generated such great reviews from clients who find them very comfortable and easy to use. 

As a designer, Danielsen takes the creative process very seriously and often combines his personal observations of fashion trends over the years with knowledge on what clients look for in a clothing line, research on up-and-coming color schemes, and the practical need of consumers for their day-to-day wardrobe. By using only the best and the most reliable materials available in the market, Danielsen is able to add value to ordinary outfitter apparel. In doing so, he has made Cri Baby, Inc., a brand that consumers turn to for stylish yet affordable and comfortable clothing.  

Find out more about Cri Baby, Inc. by following its LinkedIn account. Follow the company’s Facebook account for updates.