The U.S. economy appears to be finding its footing after the turmoil brought on by President Joe Biden’s significant expenditures and the inflationary policies of Federal Reserve Chair Jerome Powell.
Inflation, or the general increase in prices, is not only slowing down; many prices are actually going down, somewhat aligning with what former President Donald Trump promised during his campaigns.
“From day one, we’re going to end inflation, lower the prices of all goods, and make America affordable again,” Trump stated during a rally in Bozeman, Montana, back in August 2024.
Last month, core consumer prices experienced a modest rise of just 2.5% in comparison to the same month last year, marking the lowest core inflation rate since March 2021, when what many termed “Bidenflation” was starting to take hold.
Commodity prices dipped by 0.1% since December, with a mere 1% increase over the year. If you disregard food prices, commodities have generally declined, with almost a half-point drop occurring in January.
Here’s a list of 71 prices for goods and services that have decreased since January compared to the previous year’s end, all numbers adjusted for seasonal changes:
- Tax return preparation and accounting services – decreased by 13.8%
- Eggs – 7.0% decrease
- Fuel oil – 5.7% decrease
- Pork chops – 4.1% decrease
- Other motor fuels – 3.6% decrease
- Regular unleaded gasoline – 3.4% decrease
- Men’s suits, sport coats, and outerwear – 3.3% reduction
- Lettuce – 2.8% decrease
- Other beverage ingredients including tea – 2.8% decrease
- Mid-grade unleaded gasoline – 2.6% decrease
- Oranges, including tangerines – 2.6% decrease
- Men’s pants/shorts – 2.4% decrease
- Motor oil, coolants, and fluids – 2.3% reduction
- Raw beef steak – 2.2% decrease
- Peanut butter – 2.2% decrease
- Baby food and milk – 2.1% decrease
- Butter – 2.1% decrease
- Premium unleaded gasoline – 2.1% decrease
- Shelf-stable seafood – 2.1% decrease
- Frankfurt – 1.9% decrease
- Tomatoes – 1.9% decrease
- Apples – 1.8% decrease
- Used cars and trucks – 1.8% decrease
- Automotive supplies other than tires – 1.8% decrease
- TVs – 1.8% decrease
- Newspapers and magazines – 1.6% decrease
- Other fresh fruits – 1.6% decrease
- Frozen/freeze-dried processed foods – 1.6% decrease
- Propane, kerosene, firewood – 1.5% reduction
- Heavy oil and other fuels – 1.5% reduction
- Freshly baked sweet rolls, coffee cakes, and donuts – 1.3% decrease
- Other uncooked beef and veal – 1.3% decrease
- Coffee – down 1.3%
- Raw roast beef – 1.3% decrease
- Health insurance – 1.2% decrease
- Car and truck rentals – 1.2% decrease
- Other accommodations such as hotels and motels – 1.2% decrease
- Other fresh vegetables – 1.1% decrease
- Fresh fruit – 1.1% decrease
- Glasses and Eye Care – 1.0% decrease
- Women’s outerwear – 0.9% decrease
- Other intercity transport – 0.9% decrease
- Flour and prepared flour mixes – 0.8% reduction
- Bread – 0.8% decrease
- Potatoes – 0.8% decrease
- Sports vehicles including bicycles – 0.8% decrease
- Beef and veal – 0.7% decrease
- Other out-of-home food – 0.7% decrease
- Major home appliances – 0.7% decrease
- Sports equipment – 0.7% decrease
- Fresh vegetables – 0.7% decrease
- Fresh biscuits, rolls, and muffins – 0.6% decrease
- Men’s shoes – 0.6% decrease
- Frozen dairy products – 0.6% decrease
- Video discs and other media – 0.6% decrease
- Other housing equipment and furniture – 0.6% decrease
- Infant and infant clothing – 0.6% decrease
- Women’s jewelry – 0.6% decrease
- Other processed vegetable products – 0.5% reduction
- Accommodation away from home – 0.5% decrease
- Recreational books – 0.5% decrease
- Other household fuels – 0.5% decrease
- Pharmaceuticals – 0.4% decrease
- Ornamental plants and flowers – 0.4% decrease
- Windows, floor coverings, and other linens – 0.4% decrease
- Apparel services other than laundry and dry cleaning – down 0.4%
- Sugar and confectionery – 0.3% decrease
- Other dairy products and related products – 0.3% decrease
- Water, sewerage, and garbage collection services – 0.2% decrease
- US – 0.1% decrease
- Tenant and household insurance – 0.1% decrease
Interestingly, the price drops weren’t limited to just January. In fact, many prices for various items have decreased compared to a year ago. Here’s a list of 47 consumer products and services that have experienced price declines over the past year:
- Eggs – 34.2% decrease
- Moving, storage, and transportation costs – 15.9% decrease
- Smartphones – 10.6% decrease
- Regular unleaded gasoline – 8.0% decrease
- Propane, kerosene, firewood – 7.9% decrease
- Shipping freight – down 7.0%
- Attendance at sporting events – 6.3% decrease
- Men’s suits, sport coats, and outerwear – 6.3% reduction
- Mid-grade unleaded gasoline – 5.8% decrease
- Butter – down 5.0%
- TVs – 4.8% decrease
- Premium unleaded gasoline – 4.7% decrease
- Wireless telephone service – 4.3% decrease
- Fuel oil – 4.2% decrease
- Other fresh fruits – 2.9% decrease
- Other telephone services – 2.9% decrease
- Motor fuel – 2.9% decrease
- Energy products – 2.9% decrease
- Toys – 2.6% decrease
- Tomatoes – 2.4% decrease
- Heavy oil and other fuels – down 2.4%
- Potatoes – 2.3% decrease
- Sports equipment – 2.3% decrease
- Other motor fuels – 2.2% decrease
- Health insurance – 2.2% decrease
- Used cars and trucks – 2.0% decrease
- Women’s underwear, nightwear, swimwear, and accessories – 2.0% reduction
- Video discs and other media – 1.8% decrease
- Newspapers and magazines – 1.8% decrease
- Financial services – down 1.6%
- Men’s shoes – 1.5% down
- Sewing machines, fabrics, and supplies – 1.2% decrease
- Infant/toddler clothing – 1.1% decrease
- Other foods – 1.1% decrease
- Tax return preparation and other accounting fees – 1.0% reduction
- Frozen/freeze-dried processed foods – 1.0% decrease
- Women’s jewelry – 0.9% decrease
- Other dairy products and related products – 0.7% decrease
- Shipping – 0.7% reduction
- Dairy products and related products – 0.3% decrease
- Sports vehicles including bicycles – 0.3% decrease
- Watches – 0.3% decrease
- Other household fuels – 0.3% decrease
- Other fats and oils, including peanut butter – 0.1% reduction
- Men’s shirts and sweaters – down 0.1%
- Automotive parts and equipment – 0.1% decrease
- US – 0.1% decrease
