While everyone is rejoicing with the lower gas prices in the last quarter of 2014, there are some things that will undoubtedly go up in the new year. Here are the top five you’ll see:
1. Coffee and bourbon. The cost of two popular beverages is likely to increase in the coming year due to supply and demand. Coffee prices were forecast to drop in 2014, but a severe drought in Brazil had the opposite effect, according to LoCastro. Starbucks raised prices last summer, as did several other coffee makers. Meanwhile, the rising popularity of bourbon has caused some distilleries to ration bottles and raise prices.
2. Food. Droughts in California are likely to drive up not only the cost of agricultural products like avocados, but also beef and pork products. “Producers with both beef and hogs have thinned their herds in response to drought conditions,” says Michael Levin, associate professor of marketing at Otterbein University in Westerville, Ohio.