Rising prices are front and center for American consumers right now as inflationary costs for many familiar goods and services start sinking in. (Here’s “5 Things Getting Hammered by Inflation Right Now.”)
Look back 10 years, though, and you’ll see that prices for some everyday purchases are still low by comparison.
From mortgage rates to milk, we’re paying less now than a decade ago for the following things.
Pasta
Pasta is one of the foods we cite in “20 Things That Are Actually Worth Stockpiling” due to how long it can keep.
More good news about this staple: The average price for a pound of spaghetti or macaroni is at a 10-year low, according to the U.S. Bureau of Labor Statistics. It’s down to $1.09 per pound as of this July, versus $1.27 per pound in July 2011.
Mortgage rates
Freddie Mac, a federal agency, has tracked mortgage rates paid by borrowers since 1971.
The average monthly rate for a 30-year fixed-rate mortgage was 2.87% this July — down from 4.55% in July 2011.
And if 4.55% sounds high today, consider that the average rate for the same type of loan has been as high as 18.45%, a peak reached in October 1981.
If you’re in the market for a new mortgage, you can get an idea of what rates you could qualify for by using Money Talks News’ mortgage rate comparison tool.
Solar energy installation
The cost to install a home solar system fell dramatically in the last decade. In the last quarter of 2020, prices reached “their lowest levels in history across all market segments,” says the Solar Energy Industries Association.
The group’s research finds that “an average-sized residential system has dropped from a pre-incentive price of $40,000 in 2010 to roughly $20,000 today.”
Wondering how you can get an incentive like a tax credit for installing solar energy? Check out “8 Federal Income Tax Breaks for Homeowners.”
Cheese
Prices for two popular cheeses tracked by the Bureau of Labor Statistics — American processed and natural cheddar — are down from 10 years ago.
As of this July, the average per-pound price was $3.97 for American processed cheese and $5.39 for natural cheddar cheese. Those are down from $4.09 and $5.60 in July 2011, respectively.
Airfare
The inflation-adjusted average price for a domestic airline ticket hit $260 in the first quarter of 2021, according to the U.S. Bureau of Transportation Statistics‘ most recent data.
That’s up compared with the all-time low of $248, reached in the third quarter of 2020, amid the second peak in COVID-19 cases in the U.S. But the latest inflation-adusted average domestic airfare is far less than it was in the first quarter of 2011 — $422.30.
Coffee
Java lovers, rejoice: The average price of a pound of 100% ground roast coffee has dropped from $5.55 in July 2011 to $4.56 this July, according to Bureau of Labor Statistics data.
It’s nice to know that your morning fix sets you back a good bit less these days.
Gasoline
Unleaded regular gasoline was $3.23 per gallon this July, versus $3.65 in July 2011. Unleaded mid-grade gasoline was $3.58 this July, versus $3.78 a decade prior. Even unleaded premium is a hair below its July 2011 price, BLS data shows.
Diesel, at $3.32 per gallon in July, is down from $3.95 at the same time in 2011.
Flour
The average price of 1 pound of all-purpose white flour has fallen from 53 cents in July 2011 to 37 cents as of this July.
Household fuel oil
The average price of household fuel oil, such as heating oil, has fallen from $3.70 per gallon in July 2011 to $2.98 this July.
Milk
Despite being up from prices in 2020, the cost of a gallon of fortified fresh whole milk remains down slightly compared with a decade ago. The average price was $3.63 as of this July, versus $3.65 in July 2011.
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