The holiday season is going to take a much bigger toll on the finances of many American families this year thanks to higher inflation than has been seen for more than a decade.
The Labor Department this week released its two reports on inflation, known as the Consumer Price Index and the Producer Price Index. They both showed that the prices of many popular holiday gifts have increased over the past twelve months.
- Toys, games and vehicles for children: + 5.8%.
- Sports and athletic articles: + 12.0%.
- Sports vehicles including bicycles: + 8.9%.
- Televisions: + 12.9%.
- Pets and pet supplies: + 4.2%.
- Household electronic equipment: + 6.4%.
- Household appliances: 5.0%.
- Large appliances: 9.7%.
- Cameras and photographic equipment: + 6.9%.
- Smart home computers and assistants: + 8.5%.
Remember that food prices are also on the rise.