With the inflation rate up 7.7% in the last year, most things are more expensive. But the price of some items actually declined in the last month, from washing machines to jewelry to doughnuts.
Inflation has cooled from a year-over-year June peak of 9.1% to 7.7% in October, so declines are expected for some items. Seasonality, easing supply chain issues and a glut of inventory are likely factors behind the price decreases.
WATCH ANYTIME FOR FREE
 |
>Stream NBC10 Boston news for free, 24/7, wherever you are. |
Here's a look at 10 items whose prices dropped in October, as measured by a percentage, according to Consumer Price Index data:
- Washers and dryers: -7.8%
- Smartphones: -5.9%
- Women's outerwear: -3.8%
- Jewelry: -3.2%
- Used cars and trucks: -2.4%
- Fresh fruit: -2.4%
- Fresh sweet rolls, coffee cakes and doughnuts: -1.9%
- Living room, kitchen and dining room furniture: -1.9%
- Window coverings: -1.2%
- Toys: -1.1%
Get updates on what's happening in Boston to your inbox. Sign up for our >News Headlines newsletter.
With semiconductor shortages easing, used car prices continued to drop in October. Prices have steadily declined over the last four months by nearly 6%.
And with surging interest rates shrinking the housing market, it's not surprising that many price declines are related to common new-home goods like furnishings, window coverings and large appliances, says Gene Goldman, chief investment officer at investment firm Cetera Investment Management.
Given the slowing economy and widespread concerns of a recession, price drops for high-end luxury items like smartphones and jewelry are to be expected, too, he says.
Money Report
While this is good news for shoppers, most items with price declines in October are still more expensive than they were last year. For instance, prices for washers and dryers declined by 7.8% last month, but they are still up 1.5% compared to last October.
But some price relief is better than none at all.
Want to earn more and work less? Register for the free CNBC Make It: Your Money virtual event on Dec. 13 at 12 p.m. ET to learn from money masters like Kevin O'Leary how you can increase your earning power.
Don't miss: Apple just announced its new iPhone 14—here's how much you'd have if you invested $1,000 a decade ago
