Prices falling on household goods

Sarah Heikkinen
Posted 3/21/19

Food, gas and health care prices will be lower this year.

The overall price of groceries is expected to rise slightly in 2019, the US Department of Agriculture’s Food Price Outlook reported …

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Prices falling on household goods

Posted

Food, gas and health care prices will be lower this year.

The overall price of groceries is expected to rise slightly in 2019, the US Department of Agriculture’s Food Price Outlook reported consumers should expect to see lower prices on meat, fats and oils, processed fruits and vegetables and non-alcoholic beverages.

You can expect lower prices due to competition from Amazon’s Whole Foods and popular international chains like Aldi and Lidl.

• Gas. Although the price of new cars will rise due to tariffs on Chinese imports, gas will be cheaper.

The US Energy Information Administration expects gas to stay below $2.50 a gallon thanks to oversupply in the crude oil market.

But the EIA notes that electricity and natural gas prices won’t follow. Your energy bills could cut into savings on cheaper gas.

• Health Care. For the first time in 4 years, the average insurance premium costs for the Affordable Care Act (ACA) will drop.

Americans enrolled in the ACA may notice a slight decline in their monthly health care bills, with the average premium going down by 1.5%, about $6 a month.

The biggest price drop, 26%, is in Tennessee.

The price you pay will depend on your plan, your health and your state.

• Social Security. Good news for retirees. The Social Security Administration will raise the cost-of-living benefits by 2.8%.

This doesn’t mean you should spend it all at once. Amin Dabit of Personal Capital advises you to make your money last longer over the life of your retirement.

• Solar Power. If you were planning to go solar, 2019 is your year. The cost of bringing renewable energy to your home is getting more affordable each year.

The prices of solar panels are falling faster than experts previously predicted. The cost of an average solar module is down from 35 cents in 2017 to 31 cents.

• Store Closings. As online shopping becomes more popular, brick-and-mortar retailers are suffering.

More than 6,000 stores closed in 2018 and the trend will continue this year.

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