At the end of every month, my husband and I sit down to review the household budget and expenses. This practice helps us to see how much we spend in each category and make adjustments when necessary. Unfortunately, things have been tighter and monthly spending has steadily increased since 2022. Some of it is from additional expenses on our part. But, the increase is largely due to inflation. However, based on the government’s Consumer Price Index, many household items are cheaper than they were a year ago. Based on this data, here are 10 items that will cost less in 2024.
10 Items That Will Cost Less in 2024
1. Eggs
There’s some good news for those who rely on eggs as a source of protein. Prices skyrocketed in January 2023 due to limited supplies caused by an outbreak of bird flu. However, they now seem to have stabilized and cost 22.3% less than they did a year ago.
2. Fuel
The cost of fuel is always a hot budgeting topic. Fuel oil is another one of the items that will cost less in 2024. As of November 2023, prices are down 24.8% from last year. In the summer of 2022, gasoline prices peaked. Since then, they have steadily declined and dropped by an additional 8.9% from this time last year.
Although the cost of electricity has increased, you should also see a drop in your utility bills if you use piped gas. The cost of gas services has dipped by 10.4% as well.
3. Large Appliances
Now is a good time to buy home appliances too. In general, prices have declined by 10.6%. However, laundry equipment has dropped even further by 12%.
4. Vehicles
Overall, the price of transportation services has increased. But, the good news is that vehicle rental fees have decreased by 10.7%. Furthermore, the cost of used cars and trucks has dropped by 3.8% if you are looking to buy.
5. Airfare
Those who have postponed vacation and travel plans will welcome this news. The price of airline tickets has also dropped by 12.1%.
6. Dairy Products
It’s also nice to see that the price of staple grocery items is declining. Dairy products as a whole have dropped by 1.8%. Milk is down by 2.4%. And, suppliers have also reduced prices of cheese and related products by 2.6%. Even butter will cost you 0.9% less when compared to prices this time last year.
7. Pork Products
Pork products are also seeing price declines, making it easier to bring home the bacon. As of November 2023, the cost of bacon, sausage, and related products is down by 1.1%. You will save even more on ham with a price reduction of 1.4%. On the other hand, the price of pork chops has risen by 0.7%.
8. Apples
While the price of fresh produce seems to constantly increase, some items will cost less in 2024. For example, the price of apples has fallen 5.8% in the last year.
9. Fish and Seafood
Those with a taste for fresh seafood will also be happy to see this item on the list. It will be cheaper to buy fresh seafood products which shows a reduction of 2.5%. Meanwhile, frozen seafood products dropped by 2.6%.
10. Lettuce
If you love a good salad, this one should also bring a smile to your face. You may have noticed increased prices due to a virus that decimated lettuce crops. However, the price of lettuce has dropped by 10.2% from the previous year which will make it more affordable to get your leafy greens.
Adding My Two Cents
The last year has felt like one sacrifice after another for the sake of our finances. Although inflation is still impacting our cost of living, it seems like there may be some relief coming. And believe me, it is a very welcome and needed break. We’re hoping this is a sign of better things to come.
Read More
- How to Be a Smart Shopper When Prices Are Rising
- 5 Negative Effects of Inflation and How to Navigate Them
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