Summer prices to be mixed bag

Summer prices will likely be a mixed bag this season.

April’s consumer price index for Seattle showed inflation in the area to be 1.7 percentage points higher compared with April 2024. And the latest national inflation metric released this week rose 2.4 points in May from 12 months prior.

But not everything has gotten more expensive.

“Inflation is a number we’re all looking at really closely,” said Evan Sowers, president and CEO of the Riverview Trust Company, a financial planning subsidiary of Vancouver’s Riverview Bank. “Some of it’s interest driven, some of it’s employment numbers driven.”

Sowers, however, likes to focus on how consumers are feeling.

“So much of this amazing economy here in the U.S. is driven by consumer spending,” he said. “Locally, the real estate pricing continues to be much higher than the national average.”

That’s likely playing a big role in people’s month-to-month expenses and how they’re feeling about the economy, he said.

Gas prices in Vancouver are still down compared with last summer.

The index also showed the costs for traditional summer delights, such as clothes, transportation and recreation, were all down compared with a year ago.

Sowers thinks gas prices may have helped things, such as airfare, to be cheaper.

The average price for a movie ticket this year remains the same nationally as last year, $11.31, according to a movie theater market summary from The Numbers.

Food prices, meanwhile, are inconsistent.

Cereal and baked products are down 5.2 percentage points, while meat and eggs are up 4.5 percentage points, according to the index. Fruits and vegetables are down 3.5 percentage points, and nonalcoholic drinks are up 5.9 percentage points.

Food-away-from-home costs are 4 percentage points higher than last year.

“Across the industry, consumers’ elasticity continues to be tested, but I don’t see any huge spikes,” Sowers said.

A U.S. Department of Agriculture forecast expects the price for meat, eggs and fruit to increase through the rest of the year, while the price for milk, vegetables and wheat are expected to decline.

The Trump administration’s tariffs may drive up prices for some summer goods, particularly for things like fireworks, which are almost exclusively imported from China.

President Donald Trump’s latest round of steel tariffs could also cause canned foods to cost more in the future, as American manufacturers can’t supply enough tin cans for the nation’s food manufacturers.

Sowers said a lot of big importers in the U.S. have taken advantage of charging more for the stock they had on hand.

“They sold their inventory on hand at a higher anticipated tariff rate,” Sowers said. “So that’s been a boon for those business owners.”

Tariffs could become more evident in pricing as time goes on, he said.

Sarah Wolf: 360-735-4513; [email protected]