With inflation still relatively high, you might be surprised to learn that some goods are actually significantly cheaper than last year, including airfare, televisions and major appliances.
That's right: As inflation continues to decelerate — down from a year-over-year peak of 9.1% to 3% as of June — the cost of some items has dropped by 10% or more, based on price tracking measured by the consumer price index.
The price of many goods and services are still much higher than they were before the pandemic, but with recent price drops, they're something of a bargain compared with last year.
Here's a look at items with some of the largest declines in price since June 2022.
1. Gasoline: -26.5%
Following a slowdown in oil production due to the pandemic, consumer demand for gas soared in 2021. Coupled with the Russian invasion of Ukraine that limited oil supply, average prices for regular gas reached record highs of $5.02 in June 2022.
However, with U.S. oil production on the rebound, average prices for regular gas have since fallen to $3.69 per gallon, based on American Automobile Association data.
For a 15-gallon tank of gas, that works out to just under $20 in savings for every visit to the pump.
2. Airfare: -18.9%
Airfares might not feel cheap, as they have risen by over 40% in just over two years, but prices dropped 8.1% month-over-month as of June, and nearly 19% year-over-year.
The climbdown is likely a reflection of reduced demand, as airlines are reporting fewer customers for international and business travel, which has not returned to 2019 pre-pandemic levels.
3. Major appliances: -10.7%
You're in luck if you're planning to buy a fridge or oven, as retailers have been offering discounts at a rate not seen since before the pandemic.
That's largely due to softening consumer demand, according to Yahoo Finance. To some extent, rising interest rates have discouraged spending on big-ticket appliances. The slowdown in the housing market is another factor, as people tend to buy appliances when they move into new homes.
4. Televisions: -9.9%
Despite rising inflation for most other items, television prices have been trending down for the last two years.
The drop in prices reflect improved manufacturing efficiencies and data collection revenue from "Smart TV" interfaces, as well as falling demand. Globally, shipments fell to a five-year low earlier this year, according to S&P Global, a market research firm.
5. Eggs: -7.9%
Last year, an avian bird flu, as well as high labor and fuel costs, reduced wholesale egg production, which led to soaring prices. However, production has since recovered, reversing much of the wholesale price gains over the past year.
In less than six months, the average price for a dozen eggs has nearly halved, from a January 2023 peak of $4.83 to $2.21 in June, according to U.S. Labor Bureau data. Before the pandemic, the average cost for a dozen eggs was closer to $1.50.
6. Car and truck rentals: -5.2%
In 2020, vehicle manufacturing and supply chains were disrupted by the pandemic, leading to record-low inventories. With a shortage in supply, prices surged for both new and used vehicles.
This had a spillover in the rental market, as year-over-year prices spiked by 29.3% through January 2022. While prices remain high compared with before the pandemic, vehicle production has stabilized and the cost of rentals has dropped off throughout 2023.
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