Ten Items Priced at All Time Highs Right Now, Including Turkey
Prices go up. They always do. But it's an especially rough time if you're in the market for turkey, tuition or Trans-Ams. 24/7 Wall Street has crunched the numbers to find 10 products and commodities that are at all time highs right now. This basket of cost climbing categories is so motley makes a perfect statement of how complex, unpredictable and, frankly, unwieldy the global economy is now. Just try to imagine creating macroeconomic policy that could address all of this without causing bigger problems.
1: Topping the list is Turkey:
The price of wholesale, frozen Turkey reached an all-time high last week of $1.09 per pound, well above previous records. The new peak, ... is due both to record low demand and record high feed prices ...grocers will likely take a significant hit in sales margins.
2: Cotton—four times more than it was in 2008, caused by export shortages in China.
3: Used Cars—can you believe the average price of a used vehicle is now $15,870?
4: Gold—gold has always been used as a back up bet in uncertain times. The price has tripled in five years.
5: Tuition—Not only is the cost of tuition going up, but it's going up faster than ever.
For the full list, and a more detailed explanation of the causes, see 24/7 Wall Street.