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Hard to believe, but some things are dropping in price

While inflation has sent prices higher on so many things, there are few things that have dropped in price in the past year.
There's a reason so many appliances are currently on backorder
Posted at 6:18 AM, May 13, 2024
and last updated 2024-05-13 08:18:05-04

For the past three years, it seemed that prices went in only one direction: up. As a result, so many things are more expensive these days.

"Everything's gone up," shopper Jobe Jennings told us.

But in 2024, we are seeing a change, where prices on a few things are actually down a bit.

So what we found in the government's latest Consumer Price Index data might surprise you.

Appliance prices down this year

Prices on stoves, refrigerators and other kitchen appliances are down about 6% compared to last year. Washers and dryers are down more than 14%. In addition, manufacturers are offering hearty rebates for the first time in four years.

"There are quite a few sales and rebates going on," Reese Dorsey, sales manager of The Appliance Loft, told us.

Used car prices down this year

Also down in prices are used vehicles, falling 2% since last year, when used car prices hit record highs.

"Some of that stuff was as high as we'd ever seen," said car dealer Gary Heflin of Courtesy Automotive. He says with the new car shortage finally over, demand has dropped for used cars and trucks.

"Now that there's some availability of that product new, that has helped bring down prices," he said.

Furniture prices down this year

Another place to find savings is the furniture store, with furniture prices down slightly.

And if you need a technology upgrade, Prices are down on computers, HDTVs and smartphones in 2024.

But still not enough to put shoppers ahead

Falling prices are generally a good thing, but are they enough to offset other rising costs?

Bankrate analyst Mark Hamrick says consumers are still not coming out ahead.

"I think you take the win where you can get it when it comes to areas where prices are falling, but unfortunately they are not sufficient to make up for the areas where prices are on the rise," he said.

Julie Ramhold, a consumer analyst with Deal News says markdowns are still not as extreme as most shoppers would like them to be.

"But we may be seeing them pop up kind of more often," she said. "because retailers are trying to entice shoppers to go ahead and buy those items."

Car rentals and airline tickets are less expensive than this time last year.

Also down in price so far this year:

  • Airline ticket
  • Rental cars
  • Toys
  • Men's suits
  • Jewelry and watches

So if you're in the market for a purchase, take advantage of deals when you see them, so you don't waste your money.

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