Prices for Eggs, Gasoline and Other Goods That Are Actually Falling
As inflation pushed consumer prices to dizzying heights in 2022, many households cut discretionary spending to afford essentials like fuel, food and rent. Egg prices soared even more than other food items last year and continued to rise into early 2023 .
While inflation in the economy remains resilient, the latest Consumer Price Index (CPI) report shows promising year-on-year declines in the price index for some categories of goods and services. Let’s look at where you can find some welcome relief – in the aisles of the grocery store, at the gas pump, etc.
What prices have decreased since last year?
Deflation is the opposite of inflation: prices fall rather than rise. Here are some of the biggest drops among food and other goods and services.
Food:
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Eggs: -22.3%
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Salad: -10.2%
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Apples: -5.8%
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Tomatoes: -4.4%
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Fresh vegetables: -3.1%
Other goods:
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Fuel oil and other fuels: -19.3%
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Smartphones: -14%
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Laundry equipment: -12%
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Telephone equipment, calculators and other consumer information: -11.2%
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Large household appliances: 10.6%
Services:
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Airline fares: -12.1%
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Rental of cars and trucks: -10.7%
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Public transport: -8.1%
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Wireless telephone services: -2.8%
Bottom line
Even as the prices of goods and services above fall, others continue to rise. The most recent CPI report showed that overall prices rose 3.1% in November, compared with a 3.2% year-on-year increase in October. As inflation slows, it doesn’t hurt to remind yourself how to see through inflationary prices to figure out what good value actually is.
And while national averages are a useful guide, prices can vary by region. Download apps like GasBuddy to find cheap gas near you and pay attention to regular grocery store specials. Whenever possible, the easiest way to save money on groceries is to buy them in bulk. Consumer spending is just one factor that contributes to inflation and deflation. Inflation on many household expenses remains unrelenting, but selective price cuts may provide some limited relief.