Inflation has been top of mind over the last year, looming over every aspect of the economy. But how has inflation actually impacted the prices of everyday goods?
The visual showcases select items and the impact of inflation on the prices year-over-year. The overall price increases across the overarching goods categories is factored in, using data from the U.S. Bureau of Labor Statistics (BLS).
Despite rising inflation, a number of goods have actually gone down in the index, including:
Smartphones: -23%
Televisions: -17%
Tickets to sporting events: -7%
Car and truck rentals: -6%
Interestingly, smartphones aren't actually getting cheaper, rather the BLS adjusts for products that improve rapidly in quality year-over-year. Usually, most items are identical on a year-to-year basis, but smartphones are improving in their quality, which is why their price appears to be deflating rather than inflating.
Best,
Himalay Bhatia
