5 Things Getting Cheaper in 2024

You won’t feel much relief, but there are some categories where prices are coming down a little bit

Donna Fuscaldo,

AARP

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En español

Published January 11, 2024

/ Updated August 14, 2024

an image of things that are getting cheaper in 2024

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Inflation is still elevated, with the Consumer Price Index increasing 2.9 percent year-over-year in July. Driving the uptick in prices during July was shelter, which was up 5.1 percent year-over-year.

“Lower inflation doesn’t mean we are rolling the clock back to 2019 prices,” says Ted Rossman, a senior industry analyst at Bankrate. It means “prices will be growing more slowly.”

Price declines aren’t widespread, but some consumer products are getting a little cheaper, including these five:

1. Gasoline

The price to fuel up at the pump has been declining in the past two months and as of July is down 2.2 percent year-over-year, according to the July CPI.

2. Airline tickets

Fuel is a big expense for airlines, and with gas prices lower in July, airline tickets continued to decline, albeit not as much as in months past.

As of July, airline tickets were down 2.8 percent year-over-year.

3. Home heating oil

Like airline tickets, the cost to warm your home is also getting a little cheaper, which means you may want to fill your tanks ahead of the winter. As of July oil was down 0.3 percent compared with last year. When fuel is down, “it provides relief for things like home heating, airline fares and goods,” Rossman says.

4. Cars

Prices for new and used cars have fallen for months, and that continued in July. New vehicle prices are down 1 percent compared with a year ago while used cars are 10.9 percent cheaper, based on July’s CPI. Driving the trend is that pandemic supply chain issues are over, which means there is more inventory on showroom floors and used car lots. Also, rising interest rates make it costly to borrow money to buy a new car. That has pressured sellers to resist raising prices in 2023 and continues in 2024.

“The supply chain has healed and many people are postponing larger purchases due to high prices,” says Rossman.

5. Certain foods at the grocery store

After declining for a couple of months, food prices at the grocery store as of July are increasing again, up 1.1 percent year-over-year, according to the July CPI. Nonetheless, some categories continue to see declines in prices including breakfast cereal, potatoes and apples. Breakfast cereal is down 1.6 percent year-over-year, potatoes are 4.7 percent lower and apples are down 14.7 percent. “Grocery bills have gone up substantially,” Rossman says. “If it levels off and even declines slightly, that could be a welcome change.”

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Donna Fuscaldo is a contributing writer and editor focusing on personal finance and health. She has spent over two decades writing and covering news for several national publications including The Wall Street Journal, Forbes, Investopedia and HerMoney.