Despite Hefty Inflation, Prices Are Going Down on Some Items
Prices going down? With inflation filling the news and hitting the wallet, it may seem hard to believe. But it’s true: prices are going down on some items. That’s according to the latest Consumer Price Index report, with figures from November 2022 (the most recent month available).
Good News for Tidy Whities
Leading off our lower-cost hit parade: The price of men’s underwear went down 1.1 percent in the month of November. The number of leg holes stayed the same, but yes, the price per leg went down. And even better news for women: the report shows prices are going down on their underwear by 1.5 percent.
Keeping It Clean
Another cost reduction in November landed on appliances. Major appliances went down 1.4 percent for the month. And if you’re shopping for laundry appliances in particular, you’ll find a 2.7-percent lower price tag. And you don’t even have to load them yourself. Know why? The cost of domestic services went down 3.0 percent.
But hey, with the lower cost of underwear, why do laundry at all when you can just by new stuff?
Prices Are Going Down for Travel
Traveling? Good news there, too. Let’s start with the transportation cost that everyone is most acutely aware of: the price of gas. Gasoline was down 3.6 percent for the month. And if you want to replace your old beater, you’ll find the price of used cars and trucks down 2.8 percent for the month, and 3.3 percent for the year. Want something new? You’ll pay 1.9 less to lease a car or truck.
If you need to get somewhere faster, airfares even went down. Only .6 percent, but every little bit helps.
But Maybe You Want to Stay Home
If you’d rather keep your butt on the sofa, there’s happy news there, too. The prices on television sets are down 3.3 percent for the month, and 17.0 percent for the year. Or if you want to stare at a screen while you’re out and about, your wallet will catch a break. You’ll pay less for computers (2.7 percent lower for the month, 4.4 percent for the year), and smartphones (1.4 percent for the month, 23.4 percent for the year!).
The Fed(eral Reserve Board) is working to curb inflation, improve supply chain issues, slow the hot labor market and lessen consumer demand. Is it working? Does it mean prices are going down in the months ahead? No one can say at this point. But on the positive side, you can now sit around in your fresh underwear streaming a rom-com on the new big screen for less than you could in October.
The official Consumer Price Index report breaks down costs by category.
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