Even though the annual inflation rate was 7.1% as of November 2022, according to the government’s most recent measurement, some items actually got cheaper this year.
Here are some good places to start if you’re looking for good deals.
1. Smartphones
According to the latest Consumer Price Index (CPI) data, smartphones saw a 23.4% decrease in price, year-over-year.
With more smartphones on the market, competition is making it easier to get a phone for less.
2. Televisions and video equipment
Both televisions and video equipment saw a median price decrease, according to the CPI. They are two different categories, though.
Televisions saw a year-over-year price decrease of 17%, while “other video equipment” saw a decrease of 9.5%.
3. Beef
The beef and veal category overall shows a decrease of 5.2%. However, when you break out the sub-categories, you can see some bigger decreases, according to CPI data:
- Uncooked beef roasts: Down 8.1%
- Uncooked beef steaks: Down 7.4%
- Uncooked other beef and veal: Down 7.2%
A beef industry group analysis finds that prices have been especially volatile since 2020, so the idea that beef prices seem to be stabilizing is likely good news.
4. Admission to sporting events
According to CPI data, if you want to catch a game, it’s 7.2% cheaper than last year. Your favorite team might be more affordable. However, even with admission prices down, there are plenty of other costs associated with attending a game — especially if you want food and drink at the stadium.
5. Lumber
During the height of the pandemic, lumber costs spiked to record levels. At one point, lumber was trading at $1,600 per 1,000 board feet. Futures are now below $400 per 1,000 board feet, according to reporting by the Wall Street Journal.
With the Federal Reserve raising rates, and the real estate market pulling back, lumber is no longer in as high demand. Plus, many of the supply chain issues plaguing the market in late 2020 and early 2021 are being worked through.
6. Medicare Part B premiums and deductibles
Generally, seniors get a little nervous each year to see how much their Medicare Part B premiums will go up. For 2023, though, the Centers for Medicare & Medicaid Services are reducing premiums and deductibles.
The Social Security Act sets rates and deductibles; for 2023, monthly premiums will be $164.90, representing a decrease of $5.20 from 2022. The annual deductible also will be lower, dropping by $7 to $226.
7. Regular gas
Gas prices have been dropping this year. The current average gas price, as of Dec. 26, 2022, is $3.102, according to AAA. This time last year, prices were $3.302. However, that current price is down from the year’s highest recorded price for regular unleaded gasoline — $5.016, reached on June 14, 2022.
8. Some TSA PreCheck fees
If you plan to enroll in TSA PreCheck to save time at the airport, you could see a fee decrease if you plan to enroll in person. The cost to enroll or renew your TSA PreCheck in person dropped in price from $85 to $78.
You can save more by renewing online, where the fee remains $70.
9. Seeing Europe
This year was a good year to head to Europe. The U.S. dollar reached parity with the euro, resulting in a de facto discount for those traveling in countries that use the euro. CNBC reports that, as of July 12, 2022, the euro parity amounted to a 15% discount compared with the same time in 2021.
Even though the euro has once again edged up relative to the dollar, it hasn’t been by much, and it’s still possible to essentially save money by visiting Europe. There are plenty of other ways to plan for budget international travel and enjoy an experience without breaking the bank.
10. Netflix
While Netflix didn’t lower its prices on existing plans, it unveiled a new plan. This new plan is called “Basic with Ads” and costs $6.99 monthly. The new plan comes with more ads and some restrictions on titles and the ability to download shows for watching later without internet access.
Other plans cost up to $19.99 per month, so this represents a way for viewers to access Netflix for less than they previously could.
11. Disney+
The new Disney+ Basic plan is similar to Netflix in that the company added a lower-cost tier to its existing plans. Now, you can get Disney+ for $7.99 per month, which is less than current plans and bundles that cost between $9.99 and $69.99 per month.
12. Stocks
It’s been a wild couple of years on the stock market, but overall stocks are down in 2022. As of Dec. 21, 2022, certain indexes are down on a year-to-date basis:
If you’re looking to pick up some deals and beef up your portfolio, a market crash or recession might be a good time to buy.
13. Cryptocurrencies
One of the biggest stories of 2022 was the crash of cryptocurrencies. As of Dec. 21, 2022, Ethereum (ETH) is down 69.80% compared with last year. Bitcoin (BTC) is down 65.55%.
According to reporting from The New York Times, the crash is part of a general pullback in riskier assets in the face of inflation and recession fears. Additionally, recent worries about the failure of major players in the cryptocurrency and digital asset space could potentially lead to more drops in price for crypto assets.
14. Bank fees
Several banks announced that they would reduce fees in 2022, and they have delivered. Overdraft fees, transfer fees, non-sufficient funds fees and other fees are examples of the penalties some banks are reducing — or getting rid of altogether.
15. Income taxes in a few states
Depending on where you live, you might be seeing a reduction in state income taxes. You’ll keep more of your money in states like:
- Iowa
- Arizona
- Arkansas
- Louisiana
- North Carolina
- Oklahoma
Another state implementing tax changes is Idaho, where those in the top tax bracket of 6% benefit from the introduction of a 5.8% flat tax proposal.
16. Inheritance taxes in Iowa
If you live in Iowa, your heirs can benefit from a reduction in the inheritance tax. In fact, the move is part of gradually eliminating the inheritance tax altogether by 2025.
17. Sales taxes in New Mexico
New Mexico lowered its sales tax rate for the first time in 40 years in 2022. Not only that, but there are plans to reduce the sales tax rate again in 2023. Other states making changes to sales taxes, at least on some items, include Louisiana, Illinois and Florida.