For example, it’s not shaping up to be such a “good year” for buying tires, which are made with oil derivatives.
Effective today, Goodyear is raising prices by up to 15% on its commercial truck tires to combat rising commodity prices. This comes just a month after the company increased prices by up to 6% on consumer tire prices.
Bridgestone is also hiking tire prices today. The world’s largest tire maker, which manufactures Firestone tires, is increasing prices up to 8 percent.
Tire makers are contending with rising natural rubber prices, too.
Rubber has been trading around historic highs due to soaring demand in Asia. Natural Rubber Futures on the Shanghai Futures Exchange have soared 166 percent in just over the past two years.
Velveeta lovers are starting to feel the pinch from higher prices, too.
Kraft , which makes Nabisco, Maxwell House and Cadbury, has raised prices on most of its brands in North America and Europe. The food giant says it plans more increases in the second half of the year.
And, if you’re a golfer… caddy up!
The cost of golf balls could also be affected by rising oil prices. They’re made from oil byproducts.
Maybe you should consider diving for those balls this year.
Stephanie is Squawk Box producer. Follow her on twitter @StephLandsman
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