Pro tip: If you’re heading to the supermarket in the next few weeks, you’d better load up your cart with beef, chocolate and olive oil.
Why? Because those "delicacies" are among the many goods and services with prices set to increase considerably in 2015.
1. Liquor and Lattes
Prepare to shell out more for your morning cup o’ Joe: A recent drought in Brazil means that coffee prices have been steadily increasing. And don’t be surprised to see a higher price tag on bourbon, either. The drink’s growing popularity in the U.S. means that some distilleries have been rationing their supply and raising prices.
Droughts aren’t just an issue in Latin America: Similar conditions in California mean there’s a limited supply of everything from avocados to beef and pork products. Meanwhile, droughts in Europe will likely cause the price of olive oil imported from Italy and Spain to increase as well.
3. Medical Care
Medical costs will increase 6.8% next year, according to the PricewaterhouseCoopers Health Research Institute—a partial result of compliance issues with the Affordable Care Act and of longer life expectancies. As a way to deal with these higher costs, some employers are shifting a bigger share of health insurance costs to their employees or switching to high-deductible health plans.
Here’s another incentive to stay out of the red: Although interest rates have remained remarkably low over the last few years, the Fed’s recent move to end quantitative easing means that interest rates will begin rising again.
5. Snail Mail
Ordering a new television on Amazon? Expect to pay more to have it brought to your place. UPS and FedEx plan to increase the price of shipping by about 5% next year. Silver lining: The U.S. Postal Service has decided not to raise postage rates in January.
If you’re leavin’ on a jet plane sometime next year, you’d better budget a little bit extra for airfare and accommodations. In response to the increasing number of fliers, airlines have been raising prices as of late. As for hotel stays, a recent report predicts a 2.4% increase on room rates in the U.S.
If this list has got you clutching your wallet in panic mode, take heart: Certain items are expected to get a whole lot cheaper come 2015. Gas will cost about $2.60 per gallon next year, marking the lowest full-year average since 2009. Other purchases, such as cloud storage, smartphones, cranberries and butter will likely cost less as well.