Even though the annual inflation rate was 6.5% as of December 2022, according to the government’s most recent Consumer Price Index data, some items actually got cheaper over the past 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 have seen a 22.2% 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
Televisions and as well as other video equipment saw a price decrease last year, according to the CPI.
Televisions saw a year-over-year price decrease of 14.4%, while other video equipment saw a decrease of 8.6%.
3. Beef
The beef and veal category overall shows a decrease of 3.1%. However, when you break out the sub-categories, you can see some bigger decreases, according to CPI data:
- Uncooked beef roasts: Down 3.5%
- Uncooked beef steaks: Down 5.4%
- Uncooked other beef and veal: Down 6.7%
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. 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 that plagued the market in 2020 and 2021 are being worked through.
5. 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 reduced Part B premiums and deductibles.
For 2023, the standard monthly premium is $164.90, representing a decrease of $5.20 from 2022. The annual deductible also is lower, down by $7 to $226.
6. 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.
7. Seeing Europe
Last 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.
8. 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.
9. 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.
10. Stocks
It’s been a wild couple of years on the stock market, but overall stocks fell in 2022. As of Jan. 13, certain indexes are down since January 2022:
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, if one of those occurs in 2023.
11. Cryptocurrencies
One of the biggest stories of 2022 was the crash of cryptocurrencies. As of Jan. 13, Ethereum (ETH) is down 57.45% compared with last January. Bitcoin (BTC) is down 56.07%.
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.
12. 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.
13. Income taxes in a few states
Depending on where you live, you might be seeing a reduction in state income tax rates for 2022. You’ll keep more of your money in states like:
- Iowa
- Arizona
- Arkansas
- Louisiana
- North Carolina
- Oklahoma
14. 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 a gradual elimination of the inheritance tax altogether by 2025.
15. 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 that made changes to sales taxes in 2022, at least on some items, include Louisiana, Illinois and Florida.