Inflation may finally be cooling off here are the consumer items that actually saw prices fall in October, from airline tickets to furniture
Samantha Delouya
- 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.
Meat prices fell.
The price of frankfurters fell 2.3% from September to October, though they're still up 15% from last year.
Hot dogs aren't the only meat product that's gotten cheaper, though. Uncooked ground beef, bacon, breakfast sausage, and chicken were all more affordable in October on a seasonally adjusted basis.
Other food prices dropped, too.
Milk and cheese prices declined in October, and fruit and vegetable costs are down nearly 1%.
Not all food got cheaper, though. In just one month, egg prices jumped 10%.
Home furniture and goods saw prices sink in some categories.
Living room, kitchen, and dining room furniture fell nearly 2% in October. Dishes and flatware like forks and knives were all cheaper, too.
The price of laundry washers and dryers fell by a whopping 8%.
Clothing is getting cheaper, as well.
It costs 2% less to buy a men's suit in October than in September. Shirts and sweaters saw prices slide by an even more significant percentage.
Women's clothing prices dropped significantly in October, as well. For example, jacket prices fell by nearly 4% and are down more than 1% since last year. Men and women's shoes got cheaper in October, too.
Soaring used car prices were an early sign of inflation in 2020 and 2021. Now, prices are falling.
Used car prices are down more than 2% – and up only 2% since last October. Used-car retailer Carvana has felt the pain of this drop in prices. Its stock is down more than 95% so far in 2022.
Airline ticket prices may finally be cooling off after the cost of flying to surged at the fastest rate since at least 1989.
Airline tickets are still up a colossal 43% since last October, but prices dropped by more than 1% from September to October, indicating a hopeful sign that they might continue to fall.
It's getting significantly cheaper to see live sports.
The cost of a ticket for a live sporting event has plunged nearly 18% since last October. It's down almost 2% over the past month.
Smartphone prices are also down significantly since last year.
On an unadjusted basis, the cost of a smartphone has been down nearly 23% since last October. In just the previous month, smartphone prices dropped 5.9%.
Reading is cheaper, too.
Recreational book prices are down more than 2%. However, college textbook prices stayed exactly the same in October, compared to September.
Source for CPI data: Bureau of Labor Statistics
Popular Right Now
Popular Keywords
Advertisement