These Items Actually Went Down in Price This Month
The Bureau of Labor Statistics released a new consumer price index this week , and the results were disappointing. According to their report, CPI-U rose 1.3% in June, beating last month’s poor performance of a 1% increase in May. While inflation continues to take its toll on the average consumer’s wallet, not all indices are feeling the same. Interestingly, several goods and services have even reversed this trend after seeing their prices drop over the past month. So the next time you flinch as you fill up your gas tank, take solace in the fact that the cost of these items has started to drop:
TVs. With tons of new games on streaming services like Hulu , HBO Max , and Paramount+ , you might think it’s time for a new TV. With TV prices down 2.3% from last month, big retailers might agree with you. However, you can get an even more competitive price if you can wait until around November , as TV prices usually drop around the time Black Friday and Cyber Monday deals are in effect.
Bicycles. For those looking for an alternative to astronomical gas prices , I’m happy to report that there is good news on the cycling front. Prices for two-wheelers fell 0.6% from the previous month. You may need to learn a thing or two about bike maintenance , but it’s worth it because you can travel cheaply and efficiently .
Smartphones. If you hate updating your smartphone but know it’s inevitable, now is the time to pull the trigger. The price of smartphones not only fell by 0.5% compared to last month, but also fell by 20% compared to last year. If you want to stay within a certain budget, you have no shortage of smartphone options ; just make sure you do your best to cut down on the total cost of those monthly expenses .
Hotels and motels. Some were desperate for good news for those who were hoping to travel this summer; hotel and motel prices fell 3.3% from the previous month. After seeing an 11.5% year-over-year increase, consumers are finally seeing some relief in an industry that has been the focus of intense debate since Airbnb’s public referendum on utility and quality . Not only can you be happier at a hotel, but by using the right tools, you can even save a decent chunk of change in one.
Car and truck rental. A year after such high demand led to a shortage of rental cars, the cost of purchasing a set of wheels from a rental agency has dropped significantly. Car and truck rentals fell 2.2% month-on-month, resulting in a 7.5% year-over-year price decrease. Even though the cost of renting a car has come down, there are still a few things you should do before you leave the parking lot to make sure you are not hit by any improper charges.
Airline fare. After a truly terrible year of rising prices, airfare has finally begun to decline. Compared to last month, the purchase price of an airline ticket is down 1.8%, bringing much-needed relief to an industry where prices are up 34.1% year-on-year. Not only are prices dropping, Southwest Airlines is even refunding customers who saw their flight price drop .