The media often harps on how much more expensive things have gotten, and yes, the annual inflation rate was 2.7% as of November.
But let’s not overlook what’s actually gotten cheaper over the year. Several products have dropped dramatically in cost for consumers.
There are lots of goods and services out there that decreased in price, but here are some of the most notable.
Many types of debt
The Federal Reverse lowered its target range for the federal funds rate in September, November and December after four consecutive years or either increasing the range or leaving it untouched.
Collectively, the three cuts in 2024 amounted to a 1-percentage-point decrease. That might not sound like much, but it could easily save an indebted consumer hundreds if not thousands of dollars in interest.
That’s because the federal funds rate has a ripple effect on certain types of interest rates. When it drops, interest rates on credit cards and many types of loans tend to follow suit, as we detail in “7 Things That Get Cheaper When the Fed Cuts Rates.”
The penalty for underpaying your taxes
Like the federal funds rate, the penalty for underpaying your taxes was slashed in 2024 for the first time since 2020. For individual taxpayers, this IRS interest rate fell from 8% to 7%.
Again, that decrease might not sound like much, but depending on how much money someone owes the IRS, the lower interest rate could easily spare them hundreds or even thousands of dollars in interest payments to the IRS.
Non-dairy milk at Starbucks
Customers allergic to dairy can finally enjoy their coffee without a surcharge. Starbucks CEO Brian Niccol said during a company earnings call in October that non-dairy milk would no longer cost extra, as we reported in “6 Ways Your Next Trip to Starbucks Will Be Different.”
Niccol said that this change, which went into effect in November, could save some customers with this preference at least 10% on their orders.
Household fuel oil
One of the measures that the federal government uses to track the change in costs customers pay for certain goods and services is called the Consumer Price Index (CPI).
According to the CPI, between November 2023 and November 2024, the cost of household fuel oil decreased by a whopping 19.5%.
For more ways to save on energy this winter, check out “19 Ways to Stay Warm and Lower Heating Costs for Your Home This Winter.”
Smartphones
Having a tiny computer in your pocket got more affordable in 2024. Smartphone costs dipped by 9.9%.
Motor fuel
Motor fuel costs collectively decreased by 8.4% in 2024, according to the Consumer Price Index.
The price of regular unleaded gas specifically dropped by 8.3%. Unleaded midgrade and premium gas prices each decreased by 6.9%.
Costs for other types of motor fuel besides gasoline decreased by 18.1%.
Car and truck rentals
Travel and moving costs can be a pain to swallow, but this aspect of the two got a little easier to stomach in 2024. Car and truck rental costs moved down 8%.
Suits and outerwear
As a whole, apparel went up in price by 1.1% in 2024. Within the various apparel categories, prices also went up for the most part. The biggest exception was the category of men’s suits, sport coats and outerwear, which saw prices decrease by 6.1%, according to the Consumer Price Index.
The only other apparel categories that saw a price decrease were dresses (down by 4%), women’s outwear (down 3.2%), and women’s suits and separates (down 2.1%).
Computers, peripherals and smart home devices
Smartphones weren’t the only type of tech to get cheaper in 2024. Consumer costs for computers, peripheral computer hardware and smart home assistants dropped by 5.5%.
Dishes and flatware
Set the table up nicely. Dishes and flatware prices decreased by 4.7% in 2024.
Nonelectric cookware and tableware also got 2.1% cheaper.
Recreational books
Great news for avid readers or those who just love filling up their bookshelves: Prices for recreational books dropped by 4.7% in 2024.
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