Inflation seems to be firmly in check, according to the October CPI News Release from the Bureau of Labor Statistics. Overall, the CPI was flat in October and up just 1.7% in the past year.
Even though the overall price level has been relatively stable over the past year, there have been several wild swings in individual prices - some positive and some negative. For example:
- Even though gas prices are declining, that doesn’t mean that electricity bills are too. Electricity prices climbed 3.1% in the past year while gas prices fell 5% over the same period.
- Not all protein is the same: The price for chicken remained constant within the past twelve month, while egg increased by 6.7%, and ground beef by 18.6%.
- Comparing prices of apples and oranges? It’s possible but it shows they are different. Apple prices decreased by 0.5% while orange prices increased by 9.6%.
- Booking airline tickets in advance doesn’t always have to be cheaper. The price index for airline fares declined by 2.08% within the past year.
- The omnipresence of streaming services like Netflix might explain why the price for DVDs decreased by 8.5% in the past year. Interestingly though their price increased by 2% in the past month.
The table below offers examples of price changes over the past year from big price drops to big price rises.