There is good news for those of us worn down by the rising prices of the past two years: Inflation appears to be coming down.
The annual inflation rate fell to 3% in June, the lowest since March 2021, according to the U.S. Bureau of Labor Statistics. Yet, despite the decline in overall inflation, some items have recently recorded their biggest 12-month price increases on record.
Following are the expenses that are soaring at a record pace.
5. Distilled spirits away from home
Latest 12-month price increase: 7.9% (the largest such increase on record)
Latest one-month price increase: 0.8%
Tempted to drown your sorrows over inflation with a tipple? That scotch and soda at the local watering hole will cost you, too.
So, skip the booze and stick with a morning coffee, which just might keep you slimmer and disease-free.
4. Musical instruments and accessories
Latest 12-month price increase: 10.2% (the largest such increase on record)
Latest one-month price increase: 2.7%
The rising price of guitars, pianos and all other instruments and accessories is sure to leave music lovers singing the blues.
3. Fees for lessons or instructions
Latest 12-month price increase: 12.6% (the largest such increase on record)
Latest one-month price increase: 0.1%
It’s hard to put a price on education, but that doesn’t make it any easier to swallow the fact that the cost of learning everything from the piano to a new language is on the rise.
Fortunately, even Ivy League colleges offer free learning opportunities to the general public through what are known as massive open online courses, or MOOCs.
2. Apparel services other than laundry and dry cleaning
Latest 12-month price increase: 14.6% (the largest such increase on record)
Latest one-month price increase: 1.3%
Looking stylish has never been cheap, but the premium is rising at a steeper rate than ever.
1. Tax return preparation and other accounting fees
Latest 12-month price increase: 20.7% (the largest such increase on record)
Latest one-month price increase: 1.8%
The good news is that tax season ended not so long ago, so you have some time to save for the soaring cost of paying your tax preparer next year. Or, you can look into options to get your taxes done for free.