Hello 2022: These 5 things are going to cost you a lot more in the new year

If you thought the new year would bring any cheer to your household budgets, think again and tighten your purse strings as this going to be one pricey affair.

The EJ eye caught 5 things that will cost you most at the start of the new year-:

Shopping - Clothes to Footwear

Taxing times for shopping up ahead as the GST rate on clothes as well has jumped from 5% to 12% and gets on the tags from January 1. The Union Government has notified this change so expect lot less in your bags from your budget in the new year.

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Eating out

If you thought cooking at home was pinching your pocket with high tomato, oil and cylinder prices eating out may start to give you a heartburn. From your favorite cafe to the fancy feast at a dine out all eateries are facing increased cost pressures from produce to cooking materials and transport. Most restaurants have taken either reduced portion sizes or raised rates by 10-15%

Costly Cars:

Maruti led the charge in 2021 with 3 price hikes and it is deja vu as automakers that are battling with chip shortage and higher cost pressures will raise prices starting January 1. How much, well that will depend from model to model and on the brands. Car producers also have to implement and take on the cost of new and green CAFE norms that come into gear April 2022.

Hefty Hospital bills:

In the coming year, not only the health but also the hospital bill could have you worried sick. Leading hopsitals are considering raising treatment package rates by 5-10% as costs continue to escalate.Most hospital chains have not yet returned to pre-pandemic business structures while the pandemic has raised overhead costs exponentially for the institutions.

Expensive Insurance Life/Term Insurance

The term insurance plans, which provide only life cover and have no investment component – are likely to become expensive by anywhere between 10-20% in 2022 as reinsurers are raising their rates for companies.