5 Goods and Services That Have Dropped in Price in 2024

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The year 2020 marked one of the strangest periods on record for consumer spending. In the middle of a worldwide pandemic, Americans saw consumption increase to record levels, creating high demand, unexpected shortages and, as a result, higher prices on many goods and services. 

People gawked at what seemed like price gouging for items like hand sanitizer, toilet paper, eggs, meat and poultry, auto fuel and even used cars. Now, almost four years after the pandemic hit, it’s easy to see that inflation has persisted in many areas of American life. 

However, it’s not all bad news, according to the latest Consumer Price Index from the U.S. Bureau of Labor and Statistics. Prices have fallen in several categories of consumer goods and services over the last year.

Energy

Energy prices are a natural place to start. Not only do they affect your utility bills and the price you pay at the gas pump, they also have a considerable effect on the costs of manufacturing, delivering and distributing goods and services.

The CPI revealed a 14.7% decrease in the fuel oil index over a one-year period ended December 2023, and the gasoline index is down 1.9%. Other declining prices include utility gas service (-13.8%) and non-gasoline motor fuels (15.2%). 

Food

Though food inflation has been pretty consistent, there were some notable price decreases from December 2022 to December 2023:

• Eggs: -23.8% 
• Lettuce: -16.7% 
• Tomatoes: -7.2% 
• Cheese and related products: -3.3% 
• Butter: -2.9%
• Potatoes: -2.8%
• Fresh fish and seafood: -2.5%

Travel and Relocation Costs

According to the December 2023 CPI, airline fares have come down 9.4% since December 2022, while the cost for car and truck rentals is down 12.1%. Public transportation costs have dropped 6.9%. If you’re planning to move, the costs of moving, storage and freight expenses have fallen by 3.4%. Finally, the price of used cars and trucks has come down by 1.3%.

Health-Related Expenses

Health insurance costs are down a whopping 27.1%. Additionally, medical services overall are down by 0.5%, and physician services specifically are down 0.6%. 

Home Goods and Wares

The prices for household furniture are down 4% to 6%, with living room, dining room and kitchen furniture declining the most. Laundry equipment fell 13.6%, and major-appliance prices overall saw a decrease of 10.3%.

It’s important to note that the CPI consists of weighted averages that reflect trends rather than the specific prices you pay for the goods and services you purchase. The index for eggs fell 23.8%, for example, so you’ve likely seen a significant decrease in egg prices at your local grocery store — but that decrease might be greater or less than 23.8%. 

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