Everyone Thought They’d Get More Expensive — but These 11 Things Got Cheaper in 2023
As inflation continues to drive up costs across the country, consumers are seeing higher price tags at the grocery store, gas pump and virtually everywhere else. According to the latest numbers, the Consumer Price Index for all items increased 0.4% in September 2023 and rose 3.7% over the last 12 months. Compared to inflation in 2022, this year’s inflation rate was lower but still higher than historical averages.
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Shoppers may think there’s no escape from ballooning prices. But even though inflation has driven up prices for many goods and services, some categories have actually gotten cheaper compared to 2022. Here are 11 things that cost less now than they did last year.
Utility Gas Service
Utility gas service provides the natural gas that warms homes and businesses. Last winter necessity saw prices plunge nearly 20% from the winter of 2022. The savings have continued month to month as well, with utility gas dropping another 1.9% from August to September. For households relying on natural gas heat, this cost relief couldn’t come at a better time with colder weather approaching.
Airline Fares
Airline fares, once sky-high, have finally come down to earth. The cost of plane tickets has dropped over 13% from 2022 thanks to more flight options and competition among carriers. Fares ticked up slightly, with a 0.3% change from August to September.
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Used Cars and Trucks
Previously owned vehicles have rolled back from last year’s prices. Used car and truck costs have fallen 8% year over year, accelerating savings for buyers in 2023. Prices slid another 2.5% from August to September alone.
Fuel Oil
Fuel oil, the lifeline for the boilers and furnaces of off-the-grid households, has shed 5.1% off its price from last winter. Home heating bills are now more affordable going into this winter, especially with fuel oil prices plunging another 8.5% from August to September. Households that rely on heating oil are catching a break.
Energy Services
Energy services providing electricity, gas and more have dialed back rates, with costs dropping 3.3% from 2022. But prices ticked up 0.6% from August to September, partially offsetting earlier declines. Still, household utilities remain cheaper monthly essentials than last year, a welcome shift for family budgets.
Medical Care Services
Medical care services encompass the hospital stays and procedures critical for health and wellness. Despite inflation elsewhere, these costs have fallen 2.6% from last year. Prices rose just 0.3% month over month from August to September.
Energy
Across the energy sector, prices for electricity, natural gas and fuel have inched down by a narrow 0.5%, in total, compared to 2022. Energy prices did jump 1.5% from August to September, eating away some savings. Still, any price relief in this essential spending category is welcome.
Dairy Products
Dairy products like milk, cheese and yogurt have seen modest price drops of 0.2% since last year. Shoppers have a bit more room in their grocery budgets for these refrigerator staples. Prices nudged up just 0.1% from August to September.
Physicians’ Services
Physicians’ services involve doctors’ visits, surgeries and other medical procedures. These have remained relatively the same, with prices holding steady from 2022. Physician services prices dipped 0.2% from 2022 and were unchanged month over month from August to September.
Commodities (Sans Food and Energy)
This core category excludes volatile food and energy prices. Consumers have been spared increases compared to 2022. Commodity prices excluding food and energy were flat but fell 0.4% from August to September.
Apparel
Clothing and accessories tell a different inflation story, with apparel prices appreciating by 2.3% year over year. Shoppers continue to pay elevated prices for shoes, jeans and other wardrobe additions. However, apparel prices decreased 0.8% month over month from August to September.
Nicole Spector contributed to the reporting for this article.
Methodology: To find things that got cheaper in 2023, GOBankingRates analyzed expenditure categories’ consumer price index from September 2022, August 2023 and September 2023 as sourced from the Bureau of Labor Statistics Consumer Price Index. With the data points from the BLS the month-over-month and year-over-year percent changes can be calculated. The percent changes can be sorted to show the expenditure items that were reduced the most. All data was collected and is up to date as of Oct. 16, 2023.
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This article originally appeared on GOBankingRates.com: Everyone Thought They’d Get More Expensive — but These 11 Things Got Cheaper in 2023
