After a couple of years of significantly elevated prices, inflation might feel like a fact of life we’ll never escape. But as we anxiously watch the price of many goods continue to creep up, the cost of others is actually falling.
A handful of items have gotten significantly cheaper over the past year despite overall inflation rising by 3% from June 2023 to June 2024, according to the federal government’s latest Consumer Price Index data.
Prices did deflate from May to June 2024, with the inflation rate falling 0.1% — the first month-over-month decrease since May 2020. But prices on some goods and services have fallen much more than that.
The following items saw their prices drop as much as 12% over the past year and as much as 5% over the past month. They are ranked based on their annual rates.
1. Apples
Price change from June 2023 to June 2024: Down 12%
Price change from May to June 2024: Down 0.5% (seasonally adjusted)
Unfortunately, apples are only one of two types of groceries that made this list.
Their falling prices are largely a matter of supply and demand. Washington grows about two-thirds of the country’s apples, and the state’s last growing season yielded a big crop — 9% more than the previous season.
The particular varieties that have seen the steepest price drops are Red Delicious and Honeycrisp.
2. Miscellaneous video equipment
Price change from June 2023 to June 2024: Down 10.4%
Price change from May to June 2024: Down 1.8% (seasonally adjusted)
This category includes all types of video equipment except for televisions themselves.
TVs saw their prices drop by 5.6% over the past year, but their prices increased by 0.6% over the past month.
3. Smartphones
Price change from June 2023 to June 2024: Down 10.3%
Price change from May to June 2024: Down 0.2% (seasonally adjusted)
Smartphones are part of a broader category called information technology commodities. It also includes things like computer hardware and software and smart home devices. Every single item in the category saw its prices fall over the past year, with the overall inflation rate for this category as a whole falling 8.5% during that period.
Other goods and services experiencing deflation
The following categories also saw significant deflation between June 2023 and June 2024 and at least a little deflation from May to June 2024:
- Dishes and flatware: Down 10.2% and 0.9%
- Used cars and trucks: Down 10.1% and 1.5%
- Men’s suits, sport coats, and outerwear: Down 9.4% and 3.2%
- Miscellaneous furniture (excludes bedroom, living room, kitchen and dining room furniture): Down 8.8% and 0.6%
- Nonelectric cookware and tableware: Down 8.4% and 0.9%
- Miscellaneous linens (excludes window and floor coverings): Down 7.8% and 3%
- Major laundry appliances: Down 6.1% and 0.5%
- Airfare: Down 5.1% and 5%
- Ham (excluding canned ham): Down 5% and 0.8%
- Living room, kitchen, and dining room furniture: Down 4.9% and 1.4%
- Audio equipment: Down 4.7% and 0.5%
- Computers, peripherals, and smart home assistants: Down 4.2% and 1.9%
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