Inflation has taken a toll on Americans’ wallets by impacting the price of…well, almost everything.
But surprisingly, there are a few items that have decreased in price, according to the Consumer Price Index.
Even though the new iPhone may cost you around $800, overall, prices of smartphones have decreased by approximately 20% since August 2021.
The price and demand for these devices have declined since COVID-19 restrictions have been relaxed.
At the beginning of the lockdowns because most people opted to buy home entertainment systems, TVs, and phones to keep themselves entertained, according to the Go Banking Rates website. That’s no longer the case since people can go outside again.
Television prices have decreased approximately 19% since August 2021 as well. Unfortunately, TVs have suffered from the same fate as smartphones; people just aren’t inclined to buy them as much anymore.
According to the Consumer Price Index, the cost of jewelry has decreased by 1.2%. Some people spent their money on watches, engagement rings and other jewelry items since they couldn’t use the extra cash for traveling.
Even though the costs have declined, experts are optimistic about the industry’s sale growth future, according to the Go Banking Rates website.
While other food items have skyrocketed in price, tomatoes experienced a slight price decrease of 0.2%, according to the Consumer Price Index.
That’s because tomatoes are among the most popular vegetables to grow in a garden, according to the National Garden Bureau.
Other items that experienced a price decline included:
- Car and truck rental (approximately 6% price decrease)
- Admission to sporting events (approximately 7% price decrease)
- Telephone hardware, calculators and other consumer information items (approximately 14% price decrease)