The U.S. economy is finally digging out from the mess created by President Joe Biden’s spending spree and Federal Reserve chief Jerome Powell’s inflationary monetary policy.
It’s not just that inflation—the pace of price increases—is slowing. Many prices are actually falling, fulfilling a campaign promise of President Donald Trump.
“Starting on day one, we will end inflation and make America affordable again, to bring down the prices of all goods,” President Trump said at an August 2024 rally in Bozeman, Montana.
Last month, core consumer prices rose by just 2.5 percent compared with 12 months earlier. That’s the lowest rate of core inflation since March 2021, when the painful Bidenflation era was just beginning.
Goods prices fell 0.1 percent compared with December and they are up just one percent over the past 12 months. Excluding food, goods prices are down for the year after falling by nearly half a percentage point in January.
Here are 71 goods and services that dropped in price in January compared with the end of last year. All numbers are seasonally adjusted.
- Tax return preparation and other accounting fees—Down 13.8%
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Eggs—Down 7.0%
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Fuel oil—Down 5.7%
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Pork chops—Down 4.1%
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Other motor fuels—Down 3.6%
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Gasoline, unleaded regular—Down 3.4%
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Men’s suits, sport coats, and outerwear—Down 3.3%
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Lettuce—Down 2.8%
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Other beverage materials including tea—Down 2.8%
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Gasoline, unleaded midgrade—Down 2.6%
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Oranges, including tangerines—Down 2.6%
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Men’s pants and shorts—Down 2.4%
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Motor oil, coolant, and fluids—Down 2.3%
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Uncooked beef steaks—Down 2.2%
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Peanut butter—Down 2.2%
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Baby food and formula—Down 2.1%
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Butter—Down 2.1%
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Gasoline, unleaded premium—Down 2.1%
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Shelf stable fish and seafood—Down 2.1%
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Frankfurters—Down 1.9%
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Tomatoes—Down 1.9%
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Apples—Down 1.8%
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Used cars and trucks—Down 1.8%
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Vehicle accessories other than tires—Down 1.8%
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Televisions—Down 1.8%
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Newspapers and magazines—Down 1.6%
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Other fresh fruits—Down 1.6%
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Frozen and freeze dried prepared foods—Down 1.6%
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Propane, kerosene, and firewood—Down 1.5%
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Fuel oil and other fuels—Down 1.5%
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Fresh sweetrolls, coffeecakes, doughnuts—Down 1.3%
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Uncooked other beef and veal—Down 1.3%
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Coffee—Down 1.3%
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Uncooked beef roasts—Down 1.3%
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Health insurance—Down 1.2%
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Car and truck rental—Down 1.2%
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Other lodging away from home including hotels and motels—Down 1.2%
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Other fresh vegetables—Down 1.1%
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Fresh fruits—Down 1.1%
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Eyeglasses and eye care—Down 1.0%
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Women’s outerwear—Down 0.9%
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Other intercity transportation—Down 0.9%
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Flour and prepared flour mixes—Down 0.8%
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White bread—Down 0.8%
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Potatoes—Down 0.8%
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Sport vehicles including bicycles—Down 0.8%
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Beef and veal—Down 0.7%
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Other food away from home—Down 0.7%
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Major appliances—Down 0.7%
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Sporting goods—Down 0.7%
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Fresh vegetables—Down 0.7%
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Fresh biscuits, rolls, muffins—Down 0.6%
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Men’s footwear—Down 0.6%
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Frozen dairy products—Down 0.6%
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Video discs and other media—Down 0.6%
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Other household equipment and furnishings—Down 0.6%
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Infant and toddler apparel—Down 0.6%
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Women’s jewelry—Down 0.6%
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Other processed vegetables—Down 0.5%
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Lodging away from home—Down 0.5%
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Recreational books—Down 0.5%
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Other household fuels—Down 0.5%
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Medicinal drugs—Down 0.4%
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Indoor plants and flowers—Down 0.4%
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Window and floor coverings and other linens—Down 0.4%
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Apparel services other than laundry and dry cleaning—Down 0.4%
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Sugar and sweets—Down 0.3%
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Other dairy and related products—Down 0.3%
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Water and sewer and trash collection services—Down 0.2%
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Rice—Down 0.1%
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Tenants’ and household insurance—Down 0.1%
Of course, it was not just January that saw prices fall. Many items are down compared with a year ago. Here are the forty-seven consumer products and services that have declined in price from last year.
- Eggs—Down 34.2%
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Moving, storage, freight expense—Down 15.9%
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Smartphones—Down 10.6%
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Gasoline, unleaded regular—Down 8.0%
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Propane, kerosene, and firewood—Down 7.9%
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Ship fare—Down 7.0%
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Admission to sporting events—Down 6.3%
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Men’s suits, sport coats, and outerwear—Down 6.3%
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Gasoline, unleaded midgrade—Down 5.8%
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Butter—Down 5.0%
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Televisions—Down 4.8%
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Gasoline, unleaded premium—Down 4.7%
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Wireless telephone services—Down 4.3%
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Fuel oil—Down 4.2%
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Other fresh fruits—Down 2.9%
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Other telephone services—Down 2.9%
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Motor fuel—Down 2.9%
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Energy commodities—Down 2.9%
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Toys—Down 2.6%
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Tomatoes—Down 2.4%
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Fuel oil and other fuels—Down 2.4%
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Potatoes—Down 2.3%
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Sporting goods—Down 2.3%
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Other motor fuels—Down 2.2%
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Health insurance—Down 2.2%
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Used cars and trucks—Down 2.0%
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Women’s underwear, nightwear, swimwear, and accessories—Down 2.0%
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Video discs and other media—Down 1.8%
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Newspapers and magazines—Down 1.8%
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Financial services—Down 1.6%
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Men’s footwear—Down 1.5%
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Sewing machines, fabric and supplies—Down 1.2%
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Infants’ and toddlers’ apparel—Down 1.1%
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Other foods—Down 1.1%
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Tax return preparation and other accounting fees—Down 1.0%
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Frozen and freeze dried prepared foods—Down 1.0%
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Women’s jewelry—Down 0.9%
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Other dairy and related products—Down 0.7%
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Postage—Down 0.7%
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Dairy and related products—Down 0.3%
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Sport vehicles including bicycles—Down 0.3%
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Watches—Down 0.3%
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Other household fuels—Down 0.3%
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Other fats and oils including peanut butter—Down 0.1%
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Men’s shirts and sweaters—Down 0.1%
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Motor vehicle parts and equipment—Down 0.1%
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Rice—Down 0.1%
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