ReportWire

Tag: high price

  • Presents to arrive in time for the holidays, but may be more expensive

    Consumers don’t have to worry about products arriving in time for the holidays, though they may be facing higher prices, say officials at one of America’s largest ports.

    Imports at the Port of Long Beach are flowing smoothly through its facilities despite the government shutdown and tariff uncertainties, port executives said. Still, they acknowledge that the volume and prices of products in the millions of containers coming through the port suggest that imports are becoming more costly and consumers are more cautious.

    Until now, retailers, manufacturers and other intermediaries have absorbed much of the cost of tariffs, but that is changing as it becomes more apparent which tariffs are here to stay, Mario Cordero, chief executive of the Port of Long Beach, said Friday during a virtual news conference.

    “Consumers will likely see price escalation in the coming months as shippers continue to pass along the cost of tariffs on goods, and a higher percentage of these costs will be passed on to the consumer,” he said.

    Cordero, who drinks Starbucks coffee, said he’s seen the price of a cup of coffee increase by 15% and that more consumers are going to discount stores to find deals. However, potential price hikes could be offset if the United States and China strike further trade agreements.

    The Port of Long Beach, a gateway for trade between the United States and Asia-Pacific, released new data that offers a glimpse into how President Trump’s on-again, off-again tariffs are affecting goods imported from key trade partners, such as China.

    This week, the U.S. Supreme Court also started to hear arguments as the justices examine the legality of Trump’s tariffs.

    Over the past year, the port saw a drop in the movement of containers filled with certain goods such as winter apparel, kitchen appliances and toys that people typically buy as gifts, a sign that consumers are likely wary about spending.

    Still, the impact of tariffs on cargo volume hasn’t been as bad as some experts predicted. Cordero said some experts had projected that the port could see as much as a 35% drop in cargo volume.

    “Clearly today, it’s fair to say that the worst scenarios some predicted did not occur,” Cordero said. “The challenges were many, and there’s no doubt that many companies and their workers suffered, but cargo volume is turning out to be just as high this year as it was last year.”

    In fiscal year 2025, which runs from October 2024 to September 2025, the port surpassed 10 million 20-foot equivalent units (TEUs) for the first time, up 11% from the same period last year. TEU is a measurement used to describe cargo capacity for container ships and terminals.

    While the port saw a decline in the amount of TEUs moved in October compared with the same period in 2024, Cordero said he thinks the port will end 2025 in “positive territory.”

    In October, there were 839,671 TEUs moved. That’s because retailers and shippers started shipping goods earlier than normal to avoid fees and to stock up their warehouses because of tariffs.

    The Port of Long Beach is an economic engine for California. Officials say it helps create 691,000 jobs in Southern California. More than 2.7 million U.S jobs are connected to the Port of Long Beach, they say.

    Queenie Wong

    Source link

  • How families can save money this back-to-school season

    With back-to-school season in full swing, families across the country are continuing to feel the sting of high prices.In May and June, before the latest round of the Trump administration’s tariffs, the U.S. Chamber of Commerce estimated that tariffs on back-to-school items had risen to 18% (up from 5% a year earlier). A new report from the Bureau of Labor Statistics shows that prices of educational books and supplies increased 9.4% from May 2024 to May 2025.As costs pile up, over half of parents are planning to cut back on necessities to pay for school-related shopping, and 44% are planning to take on debt, according to a Credit Karma consumer survey. American families expect to spend an average of $570 per student on back-to-school shopping this year, according to a Deloitte survey released in July, and price pressures are pushing consumers to look for savings wherever possible.Track when (or if) your state has a back-to-school tax holidaySeventeen states have or had sales tax holidays in summer 2025. Each of those states has different policies on which items are included in the tax holiday, and the holidays are spread out, so it’s important to pay close attention to when your state’s holiday is, if it has one.These purchases don’t have to be in-store either — Amazon and other online retailers won’t charge taxes on eligible deliveries to states with these holidays on the books.Get library cards for the whole familyLibraries are a great way to save money not only on physical books, but also e-books, audiobooks and movies. Some public libraries also offer printing services, discounts for local attractions and cost-free tutoring services that can be used year-round.Shop localDeloitte found that over 2 in 3 shoppers will be looking to online retailers to do at least part of their back-to-school shopping.Shopping online can be a convenient and efficient way to directly compare prices between retailers and makes buying items in bulk (which can take your dollar further) easier. But consumers who do most of their back-to-school shopping online actually spent $100 more than families who relied on in-person shopping, Deloitte reported.Finding great local deals in person, may mean going beyond traditional retailers.Tina Marie Barnes, the manager of one of the Chatham PTA Thrift Shops in central North Carolina, said the stores — which raise money for local schools — started stocking up on “any back to school, items, backpacks, lunch boxes, pencils, crayons, notebooks, notebook paper, anything that a child could use” in January. The shops see hundreds of people a day, from families to college students, looking for find deals on clothes and school supplies.Repair instead of replacingA growing number of Americans live in states with “right to repair” laws that make it easier for consumers and independent businesses to repair electronics without having to go through manufacturers.These laws are relatively new – New York, the first state to enact one of these laws for consumer electronics, only did so in 2023, and Texas’s governor signed a right to repair law in June. An advocacy organization that supports these laws estimates that they might save families upwards of $300 a year.Take advantage of tax laws529 plans have traditionally allowed families to save money for college, but recent changes might allow families to increase savings before their kids graduate high school.Included in the One Big Beautiful Bill Act is a change to 529 plans that allow parents to withdraw money from the accounts to pay for expenses related to K-12 schooling, including books, standardized test prep and other “instructional materials.”While contributions cannot be deducted from federal income taxes, most states allow residents to deduct contributions to these plans from their state income taxes. But importantly, “the earnings are not subject to federal or state tax when they’re used for qualified education expenses,” says Alexander Maged, an employee benefits lawyer at Ivins, Phillips & Barker. Withdrawals for qualified educational expenses are not subject to federal income taxes.When withdrawing money from these 529 plans, it’s important to maintain good records for purchases, balance current spending with future savings goals, and consult with an IRS representative if you’re unsure about what expenses qualify.Make budgeting a teaching lesson for kidsImpulse buying can quickly add up costs, especially when kids want the newest sneakers or an expensive first-day-of-school outfit. Setting a firm budget for back-to-school costs and giving kids a role in the discussion can help save money in the short term and teach kids an invaluable life lesson.”Families that include kids in back-to-school budgeting often find the process less stressful as children are incentivized to work within limits instead of pushing against them,” Julia Perez, a wealth manager at Crux Wealth Advisors, told CNN in an email.Kids are often tempted by immediate gratification, she said, so explaining what’s worth saving for can help “develop critical longer-term perspectives that can re-direct impulses and shape behavior.””Over time those habits compound. By the time they’re managing rent, student loans, or saving for a first home, saving isn’t an afterthought… it’s second nature.”

    With back-to-school season in full swing, families across the country are continuing to feel the sting of high prices.

    In May and June, before the latest round of the Trump administration’s tariffs, the U.S. Chamber of Commerce estimated that tariffs on back-to-school items had risen to 18% (up from 5% a year earlier). A new report from the Bureau of Labor Statistics shows that prices of educational books and supplies increased 9.4% from May 2024 to May 2025.

    As costs pile up, over half of parents are planning to cut back on necessities to pay for school-related shopping, and 44% are planning to take on debt, according to a Credit Karma consumer survey. American families expect to spend an average of $570 per student on back-to-school shopping this year, according to a Deloitte survey released in July, and price pressures are pushing consumers to look for savings wherever possible.

    Track when (or if) your state has a back-to-school tax holiday

    Seventeen states have or had sales tax holidays in summer 2025. Each of those states has different policies on which items are included in the tax holiday, and the holidays are spread out, so it’s important to pay close attention to when your state’s holiday is, if it has one.

    These purchases don’t have to be in-store either — Amazon and other online retailers won’t charge taxes on eligible deliveries to states with these holidays on the books.

    Get library cards for the whole family

    Libraries are a great way to save money not only on physical books, but also e-books, audiobooks and movies. Some public libraries also offer printing services, discounts for local attractions and cost-free tutoring services that can be used year-round.

    Shop local

    Deloitte found that over 2 in 3 shoppers will be looking to online retailers to do at least part of their back-to-school shopping.

    Shopping online can be a convenient and efficient way to directly compare prices between retailers and makes buying items in bulk (which can take your dollar further) easier. But consumers who do most of their back-to-school shopping online actually spent $100 more than families who relied on in-person shopping, Deloitte reported.

    Finding great local deals in person, may mean going beyond traditional retailers.

    Tina Marie Barnes, the manager of one of the Chatham PTA Thrift Shops in central North Carolina, said the stores — which raise money for local schools — started stocking up on “any back to school, items, backpacks, lunch boxes, pencils, crayons, notebooks, notebook paper, anything that a child could use” in January. The shops see hundreds of people a day, from families to college students, looking for find deals on clothes and school supplies.

    Repair instead of replacing

    A growing number of Americans live in states with “right to repair” laws that make it easier for consumers and independent businesses to repair electronics without having to go through manufacturers.

    These laws are relatively new – New York, the first state to enact one of these laws for consumer electronics, only did so in 2023, and Texas’s governor signed a right to repair law in June. An advocacy organization that supports these laws estimates that they might save families upwards of $300 a year.

    Take advantage of tax laws

    529 plans have traditionally allowed families to save money for college, but recent changes might allow families to increase savings before their kids graduate high school.

    Included in the One Big Beautiful Bill Act is a change to 529 plans that allow parents to withdraw money from the accounts to pay for expenses related to K-12 schooling, including books, standardized test prep and other “instructional materials.”

    While contributions cannot be deducted from federal income taxes, most states allow residents to deduct contributions to these plans from their state income taxes. But importantly, “the earnings are not subject to federal or state tax when they’re used for qualified education expenses,” says Alexander Maged, an employee benefits lawyer at Ivins, Phillips & Barker. Withdrawals for qualified educational expenses are not subject to federal income taxes.

    When withdrawing money from these 529 plans, it’s important to maintain good records for purchases, balance current spending with future savings goals, and consult with an IRS representative if you’re unsure about what expenses qualify.

    Make budgeting a teaching lesson for kids

    Impulse buying can quickly add up costs, especially when kids want the newest sneakers or an expensive first-day-of-school outfit. Setting a firm budget for back-to-school costs and giving kids a role in the discussion can help save money in the short term and teach kids an invaluable life lesson.

    “Families that include kids in back-to-school budgeting often find the process less stressful as children are incentivized to work within limits instead of pushing against them,” Julia Perez, a wealth manager at Crux Wealth Advisors, told CNN in an email.

    Kids are often tempted by immediate gratification, she said, so explaining what’s worth saving for can help “develop critical longer-term perspectives that can re-direct impulses and shape behavior.”

    “Over time those habits compound. By the time they’re managing rent, student loans, or saving for a first home, saving isn’t an afterthought… it’s second nature.”

    Source link

  • In a first, most California houses sell for over $900,000

    In a first, most California houses sell for over $900,000

    Want a house in California? It’ll likely cost you over $900,000.

    The statewide median sales price for a previously owned single-family house surpassed $900,000 for the first time in April, a shocking figure that underscores just how unaffordable housing has become across the Golden State.

    The April median of $904,210 is up 11.4% from the same month a year earlier, according to data from the California Assn. of Realtors. The median — the point where half the homes sold for more and half for less — has now climbed more than $100,000 in just over two years.

    That rise in home prices comes despite the fact mortgage rates are sky-high relative to recent memory. Last week, the average rate on a 30-year fixed mortgage was 7.02%, more than double the 3% and below rates seen during the COVID-19 pandemic, according to Freddie Mac.

    High prices and high rates have created the most unaffordable housing market in a generation, but economists say prices keep rising because many homeowners refuse to sell and give up their sub 3% rates, creating an extreme shortage of inventory.

    Wealthy Californians also have hordes of excess cash they can plow into down payments that help offset high borrowing costs.

    If prices keep rising at 11% a year, the California median house price would climb above $1 million in 2025.

    That may not happen, however.

    In recent weeks, more homes have started to come onto the market as some owners start to decide a new home is more important than a low rate.

    Inventory is still extremely tight and economists don’t expect the floodgates to open. But in Los Angeles, Riverside, San Bernardino and Ventura counties, total listings in April climbed above year-ago levels for the first time since the first half of 2023, with each county recording an increase of at least 5%.

    Orange County was the only county to see a decline, while in San Diego County, inventory has risen for two consecutive months and is 18% above what it was a year ago.

    Some experts say the supply increase likely isn’t enough to send home prices down, but it should make values climb at a slower pace.

    That might mean a $1-million median is a bit further off, but not by much.

    “If we don’t hit it in 2025, we will probably hit it in 2026 — minus a big downturn in the economy,” said Jordan Levine, chief economist with the California Assn. of Realtors.

    Andrew Khouri

    Source link

  • A Slice of ‘Bacon’ Made Me Believe in Fake Meat

    A Slice of ‘Bacon’ Made Me Believe in Fake Meat

    Last month, at a dining table in a sunny New York City hotel suite, I found myself thrown completely off guard by a strip of fake bacon. I was there to taste a new kind of plant-based meat, which, like most Americans, I’ve tried before but never truly craved in the way that I’ve craved real meat. But even before I tried the bacon, or even saw it, I could tell it was different. The aroma of salt, smoke, and sizzling fat rising from the nearby kitchen seemed unmistakably real. The crispy bacon strips looked the part too—tiger-striped with golden fat and presented on a miniature BLT. Then crunch gave way to satisfying chew, followed by a burst of hickory and the incomparable juiciness of animal fat.

    I knew it wasn’t real bacon, but for a moment, it fooled me. The bacon was indeed made from plants, just like the burger patties you can buy from companies such as Impossible Foods and Beyond Meat. But it had been mixed with real pork fat. Well, kind of. What marbled the meat had not come from a butchered pig but a living hog whose fat cells had been sampled and grown in a vat.

    This lab-grown fat, or “cultivated fat,” was made by Mission Barns, a San Francisco start-up, with one purpose: to win people over to plant-based meat. And a lot of people need to be won over, it seems. The plant-based-meat industry, which a few years ago seemed destined for mainstream success, is now struggling. Once the novelty of seeing plant protein “bleed” wore off, the high price, middling nutrition, and just-okay flavor of plant-based meat has become harder for consumers to overlook, food analysts told me. In 2021 and 2022, many of the fast-food chains that had once given plant-based meat a national platform—Burger King, Dunkin’, McDonald’s—lost interest in selling it. In the past four months, the two most visible plant-based-meat companies, Beyond Meat and Impossible Foods, have each announced layoffs.

    Meanwhile, the future of meat alternatives—lab-grown meat that is molecularly identical to the real deal—is at least several years away, lodged between science fiction and reality. But we can’t wait until then to eat less meat; it’s one of the single best things that regular people can do for the climate, and also helps address concerns about animal suffering and health. Lab-grown fat might be the bridge. It is created using the same approach as lab-grown meat, but it’s far simpler to make and can be mixed into existing plant-based foods, Elysabeth Alfano, the CEO of the investment firm VegTech Invest, told me. As such, it’s likely to become commercially available far sooner—maybe even within the next few years. Maybe all it will take to save fake meat is a little animal fat.


    Animal fat is culinary magic. It creates the juiciness of a burger, and leaves a buttery coat on the tongue. Its absence is the reason that chicken breasts taste so bland. Fat, the chef Samin Nosrat wrote in Salt, Fat, Acid, Heat, is “a source of both rich flavor and of a particular desired texture.” The fake meat on the market now is definitely lacking in the flavor and texture departments. Most products approximate meatiness using a concoction of plant oils, flavorings, binders, and salt, which is certainly meatier than the bean burgers that came before it, but is far from perfect: The food blog Serious Eats, for instance, has pointed out off-putting flavor notes, at least prior to cooking, including coconut and cat food. On a molecular level, plant fat is ill-equipped to mimic its animal counterpart. Coconut oil, common in plant-based meat, is solid at room temperature but melts under relatively low heat, so it spills out into the pan while cooking. As a result, the mouthfeel of plant-based meat tends to be more greasy than sumptuous.

    Replacing those plant oils with cultivated animal fat, which keeps its structure when heated, would maintain the flavor and juiciness people expect of real meat, Audrey Gyr, the start-up innovation specialist at the Good Food Institute, a nonprofit that advocates for plant-based substitutes, told me. In a sense, the technique of using animal fat to flavor plants is hardly new. Chicken schmaltz has long lent rich nuttiness to potato latkes; rendered guanciale is what gives a classic amatriciana its succulence. Plant-based bacon enhanced with pork fat follows from the same culinary tradition, but it’s very high-tech. Fat cells sampled from a live animal are grown in huge bioreactors and fed with plant-derived sugars, proteins, and other growth components. In time, they multiply to form a mass of fat cells: a soft, pale solid with robust flavor, the same white substance you might see encircling a pork chop or marbling a steak.

    Out of the bioreactor, the fat “looks a little bit like margarine,” Ed Steele, a co-founder of the London-based cultivated-fat company Hoxton Farms, told me. It is a complicated process, but far easier than engineering cultivated meat, which involves many cell types that must be coaxed into rigid muscle fibers. Fat involves one type of cell and is most useful as a formless blob. Just as in the human body, all it takes is time, space, and a steady drip of sugars, oils, and other fats, Eitan Fischer, CEO of Mission Barns, told me. The bacon I’d tried at the tasting had been constructed by layering cultivated fat with plant-based protein, curing and smoking the loaf, then slicing it into bacon-like strips. Mixing just 10 percent cultivated fat with plant-based protein by mass, Steele said, can make a product taste and feel like the real thing.

    Already, cultivated-fat products are within sight. Mission Barns plans to incorporate its cultivated fat into its own plant-based products; Hoxton Farms hopes to sell its fat directly to existing plant-based-meat manufacturers. Other companies, such as the Belgian start-up Peace of Meat, the Berlin-based Cultimate Foods, and Singapore’s fish-focused ImpacFat, are also working on their own versions of cultivated fat. In theory, the fat can be mixed into virtually any type of plant-based meat—nuggets, sausages, paté. In the U.S., a path to market is already being cleared. Last November, cultivated chicken from the California start-up Upside Foods received FDA clearance; now it’s waiting on additional clearance from the Department of Agriculture. Pending its own regulatory approvals, Mission Barns says it is ready to launch its products in a few supermarkets and restaurants, which also include a convincingly porky plant-based meatball I also tried at the tasting. (Due to the pending approval, I had to sign a liability waiver before digging in.)


    I left the tasting with animal fat on my lips and a new conviction in my mind: At the right price, I’d buy this bacon over the regular stuff. Because cultivated fat can be made without harming animals—the fat cells in the bacon I tasted came from a happily free-ranging pig named Dawn, a PR rep for Mission Barns told me—it may appeal to flexitarians like myself who just want to eat less meat.

    Although there’s no guarantee it would taste as good at home as it did when prepared by Mission Barns’s private chef, with its realistic texture and flavor, cultivated fat could solve the main issue plaguing plant-based meat: It just doesn’t taste that good. Cultivated fat is “the next step in making environmentally friendly foods more palatable to the average consumer,” Jennifer Bartashus, a packaged-food analyst at Bloomberg Intelligence, told me.

    But cultivated fat still faces some of the same problems that have turned America off plant-based meat. The current products for sale are not particularly healthy, and cultivated fat would not change that fact. Building consumer trust and familiarity may also be an issue. Some people are leery of plant-based products because they’re confused about what they’re made of. The more complex notion of cultivated fat may be just as unappetizing, if not more so. “We still don’t know exactly how consumers are going to feel about cultivated fat,” Gyr said. Certainly, finding a catchy name for these products would help, but I have struggled to find a term less clunky than “plant-based meat flavored with cultivated animal fat” to describe what I ate. Unless cultivated-fat companies really nail their marketing, they could go the way of “blended meat”—mixtures of plant-based protein and real meat introduced by three meat companies in 2019, which was “a bit of a marketing failure,” Gyr said.

    Above all, though, is the price relative to that of traditional meat. Plant-based meat’s higher cost has partly been blamed for the industry’s slump, and products containing cultivated fat, in all likelihood, will not be cheaper in the near future. Neither founder I spoke with shared specific numbers; Fischer, of Mission Barns, said only that the company’s small production scale makes it “fairly expensive” compared with traditional meat products, while Steele said his hope is that companies using Hoxton Farms’ cultivated fat in their plant-based-meat recipes won’t have to spend more than they do now.

    Despite these obstacles, cultivated fat is promising for the flagging plant-based-meat industry because of the fact that it is absolutely delicious. Cultivated fat could “lead to a new round of innovation that will pull consumers back in,” Bartashus said. After all, plant-based and real meat could reach cost parity around 2026, at which point even more companies might want to get in on meat alternatives. Cultivated fat might warm us up to the future of fully cultivated meat. With enough time, lab-grown chicken breasts could become as boring as regular chicken breasts.

    Enthusiasm about cultivated fat, and fake meat in general, has a distinctly techno-optimist flavor, as if persuading all meat eaters to embrace plants gussied up in bacon grease will be easy. “Eventually our goal is to outcompete current conventional meat prices, whether it’s meatballs or bacon,” Fischer said. But even as the problems with eating meat have only become clearer, meat consumption in the U.S. has continued to rise. Globally, meat consumption in countries such as India and China is expected to skyrocket in the coming years. At the very least, cultivated fat provides consumers with another option at a time when eating a steak for one meal and then opting for plant-based meat the next can count as a win.

    Since the tasting, I’ve often thought about why eating the bacon left me feeling so perplexed. When I gnawed on the crispy golden edge of one of the strips, I knew I was eating real bacon fat, but my brain still wrestled with the idea that it had not come directly from a piece of pork. I’ve only ever known a world where animal fat comes from slaughtered animals. That is changing. If cultivated fat can tide the plant-based-meat industry over until lab-grown meat becomes a reality, these new products will have done their part. In the meantime, we may come to find that they’re already good enough.

    Yasmin Tayag

    Source link