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Jan 14, 2008 8:53 am US/Eastern
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Expert: Consumers Need To Know 5 Things In '08
NEW YORK (CBS) ―
How different will the consumer landscape be this year compared to last?
Early Show consumer correspondent Susan Koeppen filled viewers in Monday on what the smart money is saying about five important areas.
What you need to know about food prices The United States Department of Agriculture says food prices are expected to go up three-to-four percent in 2008, which is more than the usual national average. And you'll be paying more for things such as bakery items, pastas, cereals and oils. Meat may go up a little bit. Dairy, too. So the cost of eating at home will be more than in years past and more than last year. Egg prices are expected to go down a little bit, but they skyrocketed last year, so they're already very high.
So, what's the solution for consumers? Clip coupons, shop for sales, and buy in bulk.
What you need to know about gas prices AAA says we can expect gas prices to go as high as $4 a gallon. There are many factors that will go into that: the price of crude oil, if it stays at $95 or $100 a barrel, the summer driving season, events in the Middle East. Look for higher prices come spring and summer. The price of crude will also affect the cost of doing business, which is why you'll see higher prices at grocery stores. AAA also says airlines could raise prices to keep up with rising fuel costs.
What can consumers do to soften the blow? Carpool when possible, take mass transit, avoid that long road trip this summer. Also, keep your tires properly inflated, and don't use the air conditioning when you don't absolutely need it.
What you need to know about travel Things aren't likely to get any better on the air travel front this year. The Airline Travelers Association says carriers will continue to operate at near-capacity. Flights will be full and gas prices will be high, so ticket prices will stay high. This could also mean big problems for travelers if flights are cancelled. It has a horrible trickle down effect: If flights are full and yours is scrapped, it's going to be hard to get onto another flight.
What you need to know about toy recalls We'll have more. That's a given. But there probably won't be as many as in 2007.
There's a lot being done right now to put a new system into place to test toys to try to make sure they're safe before they hit store shelves. Next month, the Toy Industry Association will unveil its plan for a new safety assurance program for toys. And early this year, Congress will vote on legislation that could make toy industry regulations more streamlined and regulated. Both steps should eventually help keep dangerous toys off the market.
What you should know about identity theft It will still be a big problem this year; more and more criminals are getting good at stealing info. There are now so many ways for crooks to get it.
But there is some good news; the Identity Theft Resource Center predicts security measures at companies will increase this year, and there will be more avenues to get help if your I.D. is stolen, and possibly some new legislation limiting the use of Social Security numbers.
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