CINCINNATI, OH (FOX19) - Get ready to reach deeper into your wallet when you go to the grocery store or sign-up for pay TV. We're going to be paying a lot more in 2013 for many things we take for granted.
Among the most worrisome is the cost of food, which impacts people at all income levels and is something none of us can avoid. Beef prices are expected to go up by 3% to 4% due to the drought here in the Midwest, according to CNN.
FOX19 took a look at some of the common things we buy in the grocery store and it's startling how much they've gone up in the past year alone. Taking a look at average consumer prices that government researchers recorded, we discovered that ground chuck is already up 8%. In November 2011, a pound of ground chuck cost $3.20. Now you've got to pay $3.46. And it's only going to get worse in 2013, agriculture analysts say.
(By the way, November is the latest month for which food prices from the government are available.)
It's even worse if you want chicken for dinner. The price for a whole chicken is up 16% in the last year. What cost you $1.30 a pound in November 2011 increased to $1.51 per pound in November 2012.
Coffee drinkers are paying more, too. A pound of ground roast coffee cost you $5.64 in November 2011. But you now have to pay $6.07 a pound. That means the price of coffee has increased 7.6% in just a year's time.
Satellite companies blame increasing costs for programming as the reason for the price hikes. Cable companies are expected to follow suit. Time Warner Cable spokesman Mike Hogan tells FOX19 that video customers who don't subscribe to a package that's bundled will see an increase of about 4% this year. However, he says 82% of Time Warner Cable's customers in the Midwest won't see any increase.
We're only in the seventh day of 2013 and already it looks like there are major changes ahead, especially when it comes to how much money is in your bank account.