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Inflation may finally be cooling off — here are the consumer items that actually saw prices fall in October, from airline tickets to furniture
Inflation may finally be cooling off — here are the consumer items that actually saw prices fall in October, from airline tickets to furniture
Samantha DelouyaNov 12, 2022, 00:07 IST
The drop in commodities has raised hopes that inflation will start to cool.SolStock/Getty Images
Inflation might finally be slowing down, according to the latest data from the Consumer Price Index.
Not all prices fell in October, though. For example, fuel prices rose another 19% between October and September.
Inflation might finally be slowing down.
The Consumer Price Index, which measures the change in prices over time, rose 0.4% in October, according to data released Thursday. The increase was significantly smaller than most economists expected, leading many experts to believe that an upcoming recession will be more manageable than previously thought.
Not all prices fell in October, though. For example, fuel prices have surged nearly 70% since October 2021 and rose another 19% in the past month.
However, the cost of many food products, apparel, and home goods dropped between September and October, which is good news for average Americans who have felt the pain of inflation in 2022.
Here are some consumer products that saw prices drop in the last month.
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Meat prices fell.
US inflation cooled sharply in July, data showed on Wednesday.Robert Nickelsberg/Getty Images
Other food prices dropped, too.
Apple slices and cheeseGetty
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Home furniture and goods saw prices sink in some categories.
CL Properties
Clothing is getting cheaper, as well.
Sarah Belle Lin/Insider
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Soaring used car prices were an early sign of inflation in 2020 and 2021. Now, prices are falling.
A Carvana vehicle showroomMARK RALSTON/AFP via Getty Images
Airline ticket prices may finally be cooling off after the cost of flying to surged at the fastest rate since at least 1989.
John Wayne Airport-Orange CountyAllen J. Schaben / Contributor
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It's getting significantly cheaper to see live sports.
Fans mainly stood during Sunday's match.Getty/Bradley Collyer
Smartphone prices are also down significantly since last year.