Despite inflation, 5 things are actually getting cheaper
If you’re complaining more than usual these days, it’s probably because of the price hike. Gasoline now costs an average of $ 3.17 a gallon, according to AAA, up from $ 2.20 a year ago. And the price of bacon has climbed 8.4% in the past 12 months, according to June inflation data from the Bureau of Labor Statistics (BLS).
Believe it or not, however, some items are getting cheaper and cheaper. For example, you pay a little less for a burger these days and for cheese too, so go ahead and grab that cheeseburger. Read on to find out more about what is getting cheaper in these times of inflation.
McDonald’s CEO Chris Kempczinski loves it these days – at least the prices of some of the foods his company sells on a daily basis. The price of uncooked ground beef has fallen 8.4% in the past 12 months, the price of cheese has dropped slightly by 0.9%, and if you want French fries with that, the price of potatoes has gone down. fell 4.7%. (However, adding bacon is going to cost you money.)
Along with burgers, the BLS says roast beef (down 2.4%), ham (-1.4%) and whole fresh chicken (-0.8%) have all become cheaper over the course of of the last 12 months.
Business attire for men
Most men don’t dress for Zoom meetings, so it’s no surprise that the cost of men’s suits, sports coats, and outerwear has fallen by 7% in the past 12 months. . Men’s shirts and sweaters have become 1.5% cheaper. (Women’s suits gained 2.7% over the same period.)
If you’re hoping to get some good deals before you have to work with your pants on, you better hurry. Retail sales are picking up and employers are starting to reintegrate their employees into the office. And you might want to try on that old costume before the first day on the job. I’m just saying.
Health care prices generally increase faster than the general rate of inflation. In December 2019, for example, healthcare costs jumped 4.6% from the previous year, compared to 2.3% for the Consumer Price Index (CPI), the main indicator of government inflation. Over the past 12 months, however, health care costs have been relatively low, increasing only 0.4%, the smallest year-on-year gain since 1941.
A few sub-sectors of health care have actually fallen. The BLS has a category called “medical care products” which includes everything from bandages to wheelchairs. It is down 2.2 percent over the past 12 months. In this category, the largest price reductions were recorded in medical equipment and supplies, down 6.3%. This category includes many items used during the pandemic, such as N95 masks, which were coveted – and expensive – in the early months of COVID-19. A Texas company at the time offered N95 masks for $ 6 a piece. Masks typically sold for around $ 1.