Current:Home > NewsThese 7 charts show how life got pricier (and, yes, cheaper!) in 2022 -StockSource
These 7 charts show how life got pricier (and, yes, cheaper!) in 2022
View
Date:2025-04-24 08:44:35
Boy, have we talked a lot about inflation this year. And for good reason: Our rents and mortgages went up, so did grocery and utility bills.
A confluence of events — pricier oil from Russia's war in Ukraine, rising wages and a lingering labor shortage — all made for some dramatic headlines. But how does it all come together?
Here are some of the key ways our lives got pricier and cheaper (it wasn't all bad news!) in 2022.
Adulting
Yikes. It was a rough year for the old bank account: Housing, electricity and heating oil got pricier, and our pandemic-era savings petered out. Maybe not too surprising that we started charging more to our credit cards. The end of the home-buying bonanza did slice home prices (silver lining!), but mainly because mortgage rates nearly doubled (very dark cloud).
Groceries
Breakfast – the most important meal of the day (supposedly) – has gotten quite expensive. Eggs were an inflation high-flyer, largely because of a historic bird-flu outbreak. Lower dairy production pushed up butter and milk prices. The war in grain-producing Ukraine boosted bread prices. At least bacon and avocados are giving us a break. So is beef. It's What's For Dinner—and breakfast?
Going out & staying in
After cooped-up 2020 and 2021, this was the comeback year. Movie theaters and concert venues filled up. Big demand plus hiring difficulties and higher food costs pushed up menu prices. Meanwhile, after massive supply-chain backlogs of home electronics, stores were finally overstocked – just when people kind of didn't need any more, giving us some of the biggest discounts around.
Work things
This was the year of raises that were quickly eaten by inflation. A pandemic-fueled unionization wave continued, though it began to slow. And forget "quiet quitting" – people actually quit jobs and took new (better?) ones at such a rapid pace that nationwide productivity took a hit as workers settled in to new positions (at least that's the most optimistic explanation).
Going places
Ahoy savers! Sure, planes, hotels and automobiles (fuel and maintenance) got more expensive, but have you considered an ocean liner? It may not take you many places in the U.S., but at least the CDC is sort of on board now?
The markets
It was back to the future for markets. Russia's war in Ukraine disrupted energy trade, sending global coal use toward record highs. Oil companies had a banner year thanks to pumped-up prices. Meanwhile, the metaverse and the cryptoverse got a major reality check. The tech-heavy Nasdaq exchange lost nearly a third of its value.
Big picture
Seen this way, 2022 wasn't a terrible year overall. The economy grew, supply chain pressures eased and fewer people are unemployed. As long as you don't need to buy anything or borrow any money, things are looking pretty good!
Methodology
Calculations rely on the latest data. Most compared November 2022 to November 2021. Avocado prices are from December. Union data are from October. Stock prices and other markets data are from Dec. 21, compared to a year earlier. Bitcoin is measured against the U.S. dollar. The dollar value is measured against a basket of currencies using the U.S. Dollar Index.
Sources:
- Bureau of Labor Statistics (Consumer Price Index, Unemployment rate, Wage growth, Job openings, Productivity)
- Federal Reserve Bank of New York (Global Supply Chain Pressure Index, Household debt and credit report)
- Federal Reserve Bank of St. Louis (GDP, Personal savings)
- Agronometrics (Avocado prices)
- National Labor Relations Board (Union filings)
- Challenger, Gray & Christmas (Job cuts)
- National Association of Realtors (Existing-home sales)
- Trading Economics (Chicago lumber futures, Newcastle coal futures)
veryGood! (29952)
Related
- Paris Hilton, Nicole Richie return for an 'Encore,' reminisce about 'The Simple Life'
- 'Making HER-STORY': Angel Reese, Tom Brady, more react to Caitlin Clark breaking NCAA scoring record
- FBI informant lied to investigators about Bidens' business dealings, special counsel alleges
- Super Bowl LVIII was most-watched program in television history, CBS Sports says
- Man can't find second winning lottery ticket, sues over $394 million jackpot, lawsuit says
- Tech companies sign accord to combat AI-generated election trickery
- Powerball winning numbers for Feb. 14 drawing: Jackpot rises over $300 million
- Horoscopes Today, February 15, 2024
- SFO's new sensory room helps neurodivergent travelers fight flying jitters
- Coach Outlet's AI-mazing Spring Campaign Features Lil Nas X, a Virtual Human and Unreal Deals
Ranking
- FACT FOCUS: Inspector general’s Jan. 6 report misrepresented as proof of FBI setup
- Oregon TV station apologizes after showing racist image during program highlighting good news
- Oregon TV station apologizes after showing racist image during program highlighting good news
- Ohio woman who disappeared with 5-year-old foster son sent officers to his body — in a sewer drain
- Dick Vitale announces he is cancer free: 'Santa Claus came early'
- Video shows Target store sliding down hillside in West Virginia as store is forced to close
- North Carolina removes children from a nature therapy program’s care amid a probe of a boy’s death
- Fed up over bullying, Nevada women take secret video of monster boss. He was later indicted for murder.
Recommendation
The Grammy nominee you need to hear: Esperanza Spalding
Pennsylvania high court takes up challenge to the state’s life-without-parole sentences
White House confirms intelligence showing Russia developing anti-satellite capability
Salad kit from Bristol Farms now included in listeria-related recalls as outbreak grows
Average rate on 30
Taylor Swift plays biggest Eras Tour show yet, much bigger than the Super Bowl
Consumers sentiment edges higher as economic growth accelerates and inflation fades
Justice Department watchdog issues blistering report on hundreds of inmate deaths in federal prisons