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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.”
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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.
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