Even though the annual inflation rate was 7.1% as of November 2022, according to the government’s latest measurements, some goods have actually gotten cheaper this year.
Here are some great places to start if you’re looking for a good deal.
1. Smartphones
According to the latest Consumer Price Index (CPI) data, smartphones have seen their prices decline by 23.4%, year over year.
With more smartphones on the market, competition is making it easier to get phones at lower prices.
2. Television and video equipment
Both televisions and video equipment saw average price declines, according to the CPI. Though they are two different categories.
Televisions decreased year-over-year in price by 17%, while “other video equipment” decreased by 9.5%.
3. Beef
The beef and veal category as a whole showed a decrease of 5.2%. However, when you break down the sub-categories, you can see some bigger drops, according to the CPI data:
- Raw roast beef: Down 8.1%
- Raw beef steak: Down 7.4%
- Beef and other raw beef: Down 7.2%
An analysis by the beef industry group found that prices have been highly volatile since 2020, so the idea that beef prices appear to be stable is likely good news.
4. Get into sporting events
According to CPI data, if you want to watch the game, the price is 7.2% cheaper than last year. Your favorite team may be more affordable. However, while ticket prices are dropping, there are many other costs associated with attending a game – especially if you want to eat and drink in the stadium.
5. Wood
During the height of the pandemic, timber prices soared to record levels. At one point, lumber was trading at $1,600 per 1,000 ft of boards. The futures contract is now under $400 per 1,000 foot of board, according to a Wall Street Journal report.
With the Federal Reserve raising interest rates, and the real estate market slowing down, the demand for lumber is no longer high. Plus, many supply chain issues that plagued the market in late 2020 and early 2021 are being resolved.
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. However, for 2023, Medicare & Medicaid Service Centers are reducing premiums and deductibles.
The Social Security Act sets rates and deductibles; for 2023, the monthly premium will be $164.90, representing a decrease of $5.20 from 2022. The annual deduction will also be lower, dropping by $7 to $226.
7. Common gas
Gas prices fell this year. The current average gas price, as of December 26, 2022, is $3,102, according to AAA. This time last year, it cost $3,302. However, the current price is down from this year’s high recorded for regular unleaded gasoline — $5,016, which was 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 may see reduced costs if you plan to register in person. The cost to register or renew your TSA PreCheck instantly drops from $85 to $78.
You can save even more by updating online, for a flat fee of $70.
9. See Europe
This year is a good year to go to Europe. The US dollar reaches 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, euro parity is a 15% discount compared to the same time in 2021.
Although the euro is once again up relative to the dollar, it’s not much yet, and it’s still basically possible to save money by visiting Europe. There are many other ways to plan a cheap international trip and enjoy experiences without breaking the bank.
10. Netflix
While Netflix hasn’t lowered the price on its existing plans, it’s rolling out new plans. The new plan is called “Basic with Ads” and costs $6.99 per month. This new plan comes with more ads and some limitations on titles and the ability to download shows to watch later without internet access.
Other plans cost up to $19.99 per month, so it’s a way for viewers to access Netflix for less than before.
11. Disney+
The new Disney+ Basic plan is similar to Netflix in that the company adds a lower fee tier to its existing plans. Now, you can get Disney+ for $7.99 per month, which is cheaper than the current plans and bundles which cost between $9.99 and $69.99 per month.
12. Stocks
It’s been a wild few years in the stock market, but overall stocks are down in 2022. As of December 21, 2022, certain indices are down on a year-to-date basis:
If you’re looking to grab some deals and strengthen your portfolio, a market crash or recession might be a good time to buy.
13. Cryptocurrencies
One of the biggest stories of 2022 will be the crash of cryptocurrencies. As of December 21, 2022, Ethereum (ETH) is down 69.80% compared to last year. Bitcoin (BTC) fell 65.55%.
According to a report from The New York Times, the crash was part of a general retreat for risk assets in the face of inflation and recession fears. Moreover, the recent concern about the failure of major players in the cryptocurrency and digital asset space has the potential to lead to more declines in the price of crypto assets.
14. Bank fees
Several banks announced that they would reduce their fees in 2022, and they have succeeded. Overdraft fees, transfer fees, insufficient funds fees and other fees are all examples of penalties that some banks reduce — or eliminate altogether.
15. Income tax in some states
Depending on where you live, you may see a deduction for 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 6% tax bracket benefit from the introduction of a flat 5.8% tax proposal.
16. Inheritance tax in Iowa
If you live in Iowa, your heirs may benefit from reduced inheritance taxes. In fact, the move is part of phasing out inheritance tax by 2025.
17. Sales tax in New Mexico
New Mexico lowers sales tax rates for the first time in 40 years in 2022. Not only that, there are plans to lower sales tax rates again in 2023. Other states are making changes to sales taxes, at least on some items, including Louisiana, Illinois, and Florida.
