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Consumers are Being Hit with H...Consumers are being slapped with higher prices for the home appliance as inflation hits the home appliance sector. The data released by the Labor Department has revealed prices rose in July compared to the year before. Prices of major home appliances, including refrigerators, rose 12.3 percent in July, its consumer price index (CPI) rose 5.4 percent year over year last month, which matched the prior month's gain.
According to recently published CPI data, the price for appliances overall rose 4.9 percent in July compared to 2020, and laundry equipment increased by 17.9 percent. Also, the costs for raw materials have increased, and "production issues" have contributed to the rise. The distribution of appliances is becoming a challenge, and now getting a product delivered from point A to point B will become dramatically expensive.
Recent reports and statistics suggest that the inflated prices for appliances will stick around for the rest of 2021 and a good part of next year as both manufactures and sellers will continue to absorb the increased shipping costs and the higher cost of raw materials.