Consider buying your new clothes now.

February 14, 2011 Yahoo News ran an Associated Press article today stating "Clothing prices to rise 10 pct starting in spring". The reason is the cost of raw materials, such as cotton, has been dramatically rising for months. The Quarter Roll story posted below was published in November of 2010 and stated that stocking up on clothing for the family may be wise if done prior to the rise in prices. The Associated Press article cited many instances of clothing prices already going up.

February may be a final chance for you to stock up on cotton clothing before seeing a rise in prices. Some clothing, such as work clothes, underwear, and jeans are staples of anyone's wardrobe and you know you will eventually need replacements. Consider buying them now while prices are still lower. Also remember to time your clothing buys appropriately around retailers' seasonal sales.

Another story: http://www.consumeraffairs.com/news04/2011/02/folger-dunkin-donuts-coffee-prices-going-up.html

Consider Buying New Clothes Now
November 2010 The Quarter Roll

Think you will need underwear, shirts, or pants in the near future? You may want to buy them right now. The November 12, 2010 story on the Wall Street Journal's website debates the question of how high prices will inflate in the coming months. The article states that while we've enjoyed relatively low and stable cotton prices recently the cost of cotton has quietly doubled. The cost of other items such as lumber, wheat, sugar, oats, and coffee have also been steadily climbing.

What does this mean to you as a consumer? While you may not see this price immediately reflected at the grocery store or department store, price hikes are coming.

Manufacturers lock in prices for their raw materials months before production begins. That means the price you are paying now reflects the lower prices the manufacturers were buying at months and months ago. The materials that make up the shirt you just bought were actually bought many months ago, and possibly at lower prices than they cost now.

In the cotton example, if clothing manufacturers are paying twice as much for cotton today that means in a few months the cost of cotton clothing will also be much higher. Black Friday and Thanksgiving weekend are coming soon and are typically good days to get extraordinary deals on clothing. So, if you think you will need clothing in the near future you may want to start looking at the sales right now, before higher prices start popping up.

Here is another good story about this issue.

This summary was posted on The Burning Platform on December 6, 2010 regarding rising commodities prices:

  • Oil is at $89.00 a barrel, up 21% in the last year.
  • Gold is trading at $1,413.00, up 23% in the last year.
  • Silver is trading at $30.00, up 66% in the last year.
  • Copper is trading at $4.00 per pound, up 26% in the last year.
  • Corn is trading at 573 cents a bushel, up 49% in the last year.
  • Soybeans are trading at 1,300 cents a bushel, up 23% in the last year.
  • Wheat is trading at 779 cents a bushel, up 41% in the last year.
  • Pork is trading at 104 cents a pound, up 23% in the last year.
  • Beef is trading at 106 cents a pound, up 28% in the last year.
  • Cotton is trading at 130 cents per pound, up 78% in the last year.
  • Sugar is trading at 29 cents per pound, up 32% in the last year.
  • Coffee is trading at 205 cents per pound, up 40% in the last year.
 
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