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 other items is actually falling.
A handful of items have gotten significantly cheaper over the past month alone despite overall inflation rising by 0.4% from March to April, according to federal government’s latest Consumer Price Index data.
The following items saw their prices drop by almost 8% in just one month, with most of them also dropping dramatically over the past year, too.
Car and truck rentals
Price change from March to April 2023: Down 3.2% (seasonally adjusted)
Price change from last April to April 2023: Down 11.2%
This should be welcome news for travelers as Memorial Day weekend and the rest of the summer vacation season approach.
Hotels and motels
Price change from March to April 2023: Down 3.4% (seasonally adjusted)
Price change from last April to April 2023: Up 3.5%
While hotel costs remain elevated compared with one year ago, at least travelers should be able to book a room this summer for a little less than it would have cost them this spring.
Other furniture
Price change from March to April 2023: Down 3.6% (seasonally adjusted)
Price change from last April to April 2023: Down 3.5%
This curiously named category includes all types of furniture other than furniture for bedrooms, living rooms, kitchens or dining rooms.
Oranges and tangerines
Price change from March to April 2023: Down 3.8% (seasonally adjusted)
Price change from last April to April 2023: Down 4.7%
Of all the types of groceries, these citrus fruits saw the largest one-month price declines in April.
Health insurance
Price change from March to April 2023: Down 3.8% (seasonally adjusted)
Price change from last April to April 2023: Down 15.8%
Over the past year, the cost of medical coverage has fallen more than any other item on this except for the next one.
Fuel oil
Price change from March to April 2023: Down 4.5% (seasonally adjusted)
Price change from last April to April 2023: Down 20.2%
With summer nearing, few homes are likely using this type of heating oil at the moment. But the year-over-year price decline for fuel oil is appreciable nonetheless.
For more ways to save on your utilities, check out “22 Mistakes That Send Energy Bills Soaring.”
Utility (piped) gas service
Price change from March to April 2023: Down 4.9% (seasonally adjusted)
Price change from last April to April 2023: Down 2.1%
After soaring over the winter, this is another falling energy cost that will be especially welcome.
Admission to sporting events
Price change from March to April 2023: Down 7.8% (seasonally adjusted)
Price change from last April to April 2023: Up 4.4%
Inflation is hitting the cost of movies, theater performances and concerts harder than it is the cost of sporting events. The latest Consumer Price Index data shows that the price of going to movies, theaters and concerts is up both month over month (1.4% increase) and year over year (6.9% increase).
