Downward Spiral

The cost of many goods is plummeting

According to the Bureau of Labor Statistics, there is hope on the inflation horizon. From June to July, the Bureau said inflation decreased to zero percent. While most things remain quite expensive — inflation is still up eight percent compared to a year ago — here are some items that are finally getting cheaper.

Gas

The price of gas was among the fastest risers over the past year. In fact, in June, the average gallon of gas hit a record of more than $5 per gallon. Thankfully, there is now some relief at the pump. The average gallon of gas now costs $3.87, down from $4.33 just last month.

Chicken

The price of chicken is finally starting to cool off. As US News reports, the average cost of chicken wings is now just $1.68 per pound, while chicken breast is about $2.82 per pound. That’s down from $3.25 and $3.52 per pound, respectively.

Used Cars

At the end of 2021, the average price of used vehicles was just north of $30,000. Now that price tag has dropped to about $29,300. Experts also estimate that the number will continue to decline through the end of 2022. Rental car prices also dropped by almost 10 percent from June to July of this year.

Electronics

The prices of electronics, from computers to video equipment, have been on the decline for months now. From June to July of this year, the average cost of a computer dropped by almost four percent. As Money reports, things were even rosier for smartphones — the average cost plummeted by 20 percent during that same time.

Chris O'Shea/SavvyMoney