Prices of 2022: the highs and lows

Edward Anderson on February 13, 2023

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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.

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.

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

Bob McGrath, Sesame Street alumni, passed away

Claire Peterson on December 5, 2022

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Bob McGrath, a beloved name for children across different generations and an original Sesame Street cast member, died on Sunday.

McGrath was 90 when he passed away.

His family and Sesame Workshop released a statement on social media announcing his death.

Statements

Bob McGrath’s family shared the news in a Facebook post, writing:

“The McGrath family has some sad news to share. Our father, Bob McGrath, passed away today.”

“He died peacefully at home, surrounded by his family.”

Meanwhile, the Sesame Workshop paid tribute to the actor’s nearly five-decade career with the program on Twitter.

“A founding cast member, Bob embodied the melodies of Sesame Street like no one else, and his performance brought joy and wonder to generations of children around the world.”

“We will be forever grateful for his many years of passionate creative contributions to Sesame Street and honored that he shared so much of his life with us.”

Career

Bob McGrath appeared as Bob Johnson in the Sesame Street pilot in 1969 and stayed for 47 seasons.

Although he left the main cast in 2017, McGrath has still represented Sesame Street at various events following his departure from the show.

According to Sesame Workshop, Bob McGrath was also an accomplished tenor and musician.

He performed in concert halls in nearly all corners of the world, from Las Vegas to Saskatchewan to Tokyo.

McGrath also produced several children’s songs for Sesame Street, including favorites like People in Your Neighborhood and Sing a Song.

Impact

Sesame Street cast member Alan Muraoka took to Instagram to pay his respects when news of Bob McGrath’s death broke.

“Words cannot begin to express what Bob meant to me: a role model, a mentor, a friend,” Muraoka wrote.

“His kindness and wicked sense of humor were such a joy, and I loved him so much. Rest well, my friend. You did good.”

In a 2015 interview, Bob McGrath was asked about his takeaways from being on the program.

“You can’t help but be influenced by all of the wonderful research and good messages that are shown on ‘Sesame Street,'” said McGrath.

“I learned how important it is to listen, really listen, carefully to what your children have to say.”